Toncoin (TON) has been making waves in the cryptocurrency market with a staggering 306% increase in large transaction volume over the past 24 hours. This data, gleaned from IntoTheBlock, points towards a significant rise in activity from major investors, often referred to as “whales.”
The surge translates to a total volume of $9.7 million, or 1.3 million TON in large transactions, each exceeding $100,000. This activity suggests that whales might be rebalancing their portfolios, potentially hinting at increased confidence in TON’s future.
Largetransactionn Volume serves as a gauge for institutional and whale activity within the crypto market. A significant rise in this metric can indicate either an influx of investment or large-scale selling.
This isn’t the first time TON has seen a surge in whale activity this month. In fact, just a week ago, another significant increase was reported, further solidifying investor interest. Additionally, a major Japanese exchange, OKcoinJapan, recently listed TON, boosting its exposure in Asia.
TON’s impressive growth has propelled it into the top 10 cryptocurrencies by market capitalization. Currently, it sits right behind XRP, raising the possibility of a shift in the top digital asset rankings. While XRP currently holds the lead in market cap, TON’s growth trajectory suggests it could soon challenge XRP’s position.
It’s important to note that despite the recent surge in whale activity, TON’s price dipped slightly by 2.10% in the last 24 hours. However, it maintains a positive weekly performance, currently sitting at 9% above its price from a week ago.
At the time of writing, TON holds the eighth position in the market cap rankings with a value of $18.43 billion. XRP maintains its position as the seventh largest cryptocurrency, with a market cap of $26.02 billion.
While TON’s short-term price movement might show some fluctuation, the recent surge in whale activity and its overall market growth paint a promising picture of the cryptocurrency’s future. It remains to be seen if TON can dethrone XRP, but one thing is certain: TON is a force to be reckoned with in the ever-evolving crypto landscape.