On-chain data suggests that Toncoin whales participated in a significant rally last week, which could be bullish for TON.
Toncoin Whales Have Bought Big Over The Last Seven Days
As explained by analyst Ali Martinez in a new post on X, Toncoin whales have been on a net buying spree recently. The on-chain indicator of relevance here is “Supply Distribution” from analytics firm Santiment, which tells us about the number of TON the various owner groups currently own.
Addresses or investors are divided into these groups based on the number of coins they hold in their balance. For example, a collection of 1 to 10 coins includes all addresses with at least 1 token and, at most, 10 cryptocurrency tokens.
In the context of the current discussion, interested investors are whales. This collection includes addresses that hold between 10,000 and 100,000 TON. At the current exchange rate, the lower end of the range costs $76,000, and the upper end costs $760,000.
These owners hold significant amounts, which gives them some influence on the market. As such, the movements of the members of this group can be worth following.
Now, here is a chart showing the trend of Toncoin Supply Distribution for the whale cohort:
The value of the metric appears to have been climbing in recent days | Source: @ali_charts on X
As shown in the graph above, Toncoin investors in this group have recently participated in a certain group. Specifically, these whales bought over 45 million TON in the last week or so, worth $342 million.
This buying in whales came as the cryptocurrency rallied from setting an all-time high (ATH) last month. This could mean that these big managers are expecting this asset to rally from here, so they are filling their wallets.
Naturally, this bullish sentiment among whales could be an optimistic sign for Toncoin. This, however, can change quickly, so the Supply Distribution of this collection may be something to keep an eye on in the coming days.
If the index registers a significant decline, the result can turn into a bearish cryptocurrency, as it can suggest that these investors decide to sell.
The maximum value of TON assets
The year 2024 has been good for Toncoin investors as the asset has risen more than 220% during this time, and its price is now trading around $7.6. The chart below shows what the asset’s trajectory has looked like this year.
Looks like the price of the asset has been on the rise over the last few months | Source: TONUSD on TradingView
In terms of market cap, Toncoin has grown to become the eighth largest cryptocurrency in the world, surpassing Dogecoin (DOGE).
The market cap of TON seems to be $18.7 billion at the moment | Source: CoinMarketCap
Featured image from Dall-E, Santiment.net, CoinMarketCap.com, chart from TradingView.com
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