The native crypto token of the Open Network, Toncoin (TON), has recently witnessed a surge in whale activity on its network, as reported by CryptoQuant analyst Joao Wedson.
The analyst highlighted a significant increase in wallet addresses holding between 100,000 and 1 million TON tokens, referring to this trend as “impressive growth” as large investors are now amassing Toncoin.
Major Players Accumulate Toncoin, Signaling Confidence
Joao Wedson stated that whales’ increasing interest in Toncoin (TON) indicates strong interest from major market players. Over time, these stakeholders consistently acquire more TON, demonstrating their confidence and long-term commitment to the asset.
He also emphasized that significant players’ behavior often signifies the potential and perceived value of the asset. Their growing accumulation suggests a positive outlook and a belief in TON’s sustained growth and stability.
As these critical investors continue to build their holdings, it boosts overall confidence in the TON ecosystem, encouraging other investors to do the same.
He maintained,
This ripple effect can lead to greater market stability and a more robust value proposition for TON in the long run.
Can Big Money Prop Up TON Prices?
The recent increase in whale accumulation has not significantly impacted TON’s price chart. In fact, the chart suggests that TON may be on the verge of a short-term decline. Just a few hours ago, it briefly dropped out of the top ten coins by market capitalization before reclaiming the 10th position. Toncoin’s market capitalization sits at $15.44 billion at press time.
Currently, the altcoin is trading at $6.41, which reflects a decrease of 1.64% in the last 24 hours. Despite being one of the top-performing altcoins from the previous month until now, surging by approximately 20% when examining the monthly charts, it has shown little movement over the past few days. The early movement partly results from the excitement surrounding the Notcoin (NOT) token.
According to TradingView charts, the Toncoin price has only risen by 3.41% over the past seven days, typically fluctuating between the $6.2 and $6.5 range. However, TON might soon lose some of its value in the coming days.
TON/USDT Price Chart (Source: TradingView)
Notably, BanklessTimes reported yesterday that the official wallet integrated into the Telegram platform, called Telegram Wallet, has required all users to undergo stricter Know Your Customer (KYC) procedures. This includes providing their name, phone number, and date of birth.
While some users believe these measures are necessary for wider adoption, many critics argue that the Toncoin (TON) crypto token might significantly decline due to what appears to be increased centralization and control.
