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Toncoin whales are making waves with a staggering $7.94 billion transacted in just one day, a 90% spike that defies the recent slump seen in Ethereum’s volume. This whale-driven surge underscores Toncoin's rising influence as market conditions shift.
Toncoin Whale Activity Surges in 24 Hours
The resurgence of Toncoin (TON) whales is evidenced by the pattern in 24-hour volume.
Big transactions on Toncoin have increased by 90.78 percent in the last 24 hours, according to data compiled by IntoTheBlock. Despite a decline in a comparable trend for its main competitors in the top ten most capitalized currencies, this indicator surged.
$7.94 Billion in Whale Transactions Highlights TON’s Community Support
A total of $7.94 billion has been recorded by Toncoin whales in the last 24 hours, according to data from IntoTheBlock. In contrast, the larger Ethereum chain has witnessed a comparable metric decline of over 10%, with a volume of $5.7 billion. This highlights the significant community support for TON.
At the same time as Toncoin's price is losing ground, there was a massive transaction for at least $100,000. The coin's price increased from $4.6k an hour ago to $4.938 at the time of writing, a gain of 2.10%.
Growing Ecosystem and Increased Usage Metrics Drive Optimism
As a whole, the Toncoin ecosystem is showing signs of increasing usage. The increase of 10.65% to $168.95 million in real transaction volume demonstrates this, U.Today explains. Furthermore, there has been a 3.13% increase, bringing the total number of daily active addresses to 1.3 million.
If the overall trend continues, the coin's price might be able to break over the $5 barrier mark and reach new heights.
The Open Network’s Innovation and Future Challenges
To support Toncoin, the blockchain system known as the Open Network (TON) must undergo significant innovation. To begin, TON whale behavior must be stable for the time being.
Notcoin and DOGS, two of its primary decentralized applications (dApps), aren't getting nearly as much attention as they did a few weeks ago, and that's why.
Pushing Toward New Highs: The Path to Retesting $8.24
If we want to see TON used in the long run, new projects need to come out with better use cases. Meanwhile, TON is still trying to break back through its $8.24 ATH.
