On-chain data suggests the Toncoin whales have participated in significant accumulation over the past week, which could be bullish for TON.
Toncoin Whales Have Bought Large During The Last Seven Days
As explained by analyst Ali Martinez in a new post on X, Toncoin whales have been active with net buying recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the amount of TON the various holder groups own right now.
The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For example, the 1 to 10 coins cohort includes all addresses that own at least 1 token and, at most, 10 tokens of the cryptocurrency.
In the context of the current discussion, the investors of interest are the whales. This cohort includes addresses carrying 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 one is $760,000.
These holders carry significant amounts, which makes them hold some degree of influence in the market. As such, the movements of the members of this cohort can be worth following.
Now, here is a chart that shows the trend in the 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 displayed in the above graph, the Toncoin investors in this group have recently participated in some net accumulation. More specifically, these whales have bought more than 45 million TON in the past week or so, worth a whopping $342 million.
This buying from the whales has come as the cryptocurrency has been consolidated since setting a new all-time high (ATH) last month. This could mean that these large holders are anticipating the asset to rally further from here, so they are filling their bags.
Naturally, this bullish sentiment among the whales can be an optimistic sign for Toncoin. This can, however, change quickly, so the Supply Distribution of this cohort may be to keep an eye on in the coming days.
If the indicator registers a significant drawdown, the outcome could turn bearish for the cryptocurrency, as it would suggest these investors have decided to sell.
TON Price
The year 2024 has been great for the investors of Toncoin as the asset has climbed up more than 220% during this period, and its price now trades around $7.6. The chart below shows what the trajectory for the asset this year has looked like.
Looks like the price of the asset has been on the rise over the last few months | Source: TONUSD on TradingView
Regarding the market cap, Toncoin has grown into the eighth-largest cryptocurrency in the world, edging ahead of 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
