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Toncoin (TON) has maintained its momentum since the beginning of the year, emerging as a significant player in the cryptocurrency market, particularly in the area of whale transactions. The market is currently trying to balance between altcoins experiencing a downtrend and those maintaining an upward momentum, with Toncoin falling into the latter category. According to experienced cryptocurrency analyst Ali Martinez, the altcoin is facing a significant increase in whale transactions.
Whale Transactions Increased by Over 200%
Martinez reported that Toncoin saw a significant increase in whale transactions, with more than a 237% rise in just one day. Whale transactions, defined by IntoTheBlock as those valued at $100,000 or more, jumped from a low of five transactions the previous week to 27 as of June 3. This increase in high-value transactions indicates intense interest from large investors, which could significantly impact the altcoin’s price dynamics.
Whale transactions are extremely influential in the cryptocurrency market because they tend to reduce the circulating supply of the altcoin, potentially leading to a supply squeeze. When this reduced supply meets constant or increasing demand, it usually drives the price up.
Currently, Toncoin’s mainnet asset TON is trading at $6.79, up 2.76% in the last 24 hours.
Despite the price increase, Toncoin’s daily trading volume has dropped by more than 58% to $208.46 million. This decline in trading volume, alongside the increase in whale transactions, does not change the fact that large investors are accumulating TON. If this trend among whales continues, the price is expected to rise further.
Notcoin Factor
A significant catalyst for the increased whale activity in Toncoin has been the market excitement surrounding Notcoin (NOT), a token launched on The Open Network in May. Notcoin quickly gained popularity as both a memecoin and a play-to-earn (P2E) game token, reaching an all-time high of $0.02896, corresponding to a 201% growth in the last seven days.
This investor excitement surrounding Notcoin contributes to the increased activity in Toncoin as investors seek to capitalize on the broader ecosystem’s potential.
Toncoin continues to hold a position among the top 10 largest-cap cryptocurrencies, a position it shares with other leading altcoins. It even pushed Shiba Inu (SHIB) out of this elite group, demonstrating Toncoin’s growing influence and market capitalization.
