Toncoin (TON) has experienced a surge in whale activity, with transaction volumes increasing by 94% in a 24-hour period. This is happening despite a market downturn and declining prices in the cryptocurrency market. The increased activity among high-net-worth investors suggests that they are taking advantage of the current market conditions.
Toncoin has recorded 1.54 trillion TON in large transaction volumes, equivalent to approximately $8.21 billion. These large transactions are typically made by institutional investors or wealthy individuals. The spike in whale transactions is significant considering the bearish sentiment in the market, with major cryptocurrencies like Bitcoin and Dogecoin experiencing declines.
Despite the increase in whale activity, Toncoin's price has also declined. Currently trading at $5.12, TON has seen a drop of 3.25% in the last 24 hours and 9.76% over the past week. This raises questions about the motivations of the large holders. Analysts suggest that this could indicate a strategic accumulation, with whales buying TON at a discount in anticipation of a price rebound.
The market is influenced by inflation concerns in the United States, which have led to a sell-off across various asset classes. The recent release of the Federal Reserve's December meeting minutes has increased investor anxiety.
The future projections for Toncoin are cautiously optimistic, with some forecasts suggesting a new all-time high of $7.33 by January 9, 2025, and others predicting a target of $26.60 by the end of the year. These projections are based on the recent surge in whale activity. The actions of large investors will be closely monitored as they navigate the current volatility, providing insights into the future direction of Toncoin and the broader market.