On-chain data suggests that Toncoin whales have participated in significant accumulation over the past week, which could be bullish for TON.
Toncoin whales have made big purchases in the last seven days
As analyst Ali Martinez explains in a new job on X, Toncoin whales have been active with net purchases recently. The relevant on-chain indicator here is the “Supply distribution” from the analysis company Santiment, which informs us about the quantity of TON that the different groups of holders currently have.
Addresses or investors are divided into these groups based on the number of tokens they hold in their balance. For example, the cohort of 1 to 10 tokens includes all addresses that hold at least 1 token and at most 10 tokens of the cryptocurrency.
In the context of the current discussion, the investors concerned are: whales. This cohort includes addresses holding between 10,000 and 100,000 TON. At the current exchange rate, the lower limit of the range is worth $76,000, while the upper limit is $760,000.
These holders hold large amounts, which gives them a certain degree of influence on the market. It can therefore be interesting to follow the movements of the members of this cohort.
Now here is a graph that shows the trend of Toncoin supply distribution specifically for the whale cohort:
The value of the metric appears to have been climbing in recent days | Source: @ali_charts on X
As the chart above shows, Toncoin investors in this group have been participating in some net accumulation recently. Specifically, these whales have purchased over 45 million TON over the past week, worth a whopping $342 million.
These purchases from whales come as the cryptocurrency is consolidated since it hit a new all-time high (ATH) last month. This could mean that these big holders are anticipating further upside for the asset from here on out, and are therefore filling their bags.
Naturally, this bullish sentiment among whales may be an optimistic sign for Toncoin. This can change quickly, however, so the supply distribution of this cohort may be something to watch in the coming days.
If the indicator records a significant decline, the outcome could turn bearish for the cryptocurrency, as it would suggest that these investors have decided to sell.
TON Price
The year 2024 has been a great one for Toncoin investors, as the asset has surged over 220% during this period and its price is now trading around $7.6. The chart below shows what the asset’s trajectory looks 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 capitalization, Toncoin has become the eighth largest cryptocurrency in the world, overtaking Dogecoin (DOGE).
The market cap of TON seems to be $18.7 billion at the moment | Source: CoinMarketCap
Featured image by Dall-E, Santiment.net, CoinMarketCap.com, chart by TradingView.com
