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Whale investors are showing renewed interest in Toncoin (TON), the cryptocurrency linked to the popular Telegram platform, as evidenced by a staggering 376% increase in large transaction volumes. Despite a recent price dip to $6.90, this surge in whale activity signals strong market confidence and potential for recovery, particularly after a bearish week.
On-chain data reveals an impressive influx of 1.74 million TON transactions in the last 24 hours, totaling approximately $12.42 million. This significant activity comes just after Toncoin’s peak at $8.24 earlier in June, suggesting that major players may be gearing up for another substantial rally.
Market analysis tool, Santiment’s MVRV ratio indicates a neutral valuation for Toncoin, neither overvalued nor undervalued. This balance could be the precursor to a stable trading phase, potentially followed by a short-term price increase as the market finds equilibrium. This activity underscores the growing acceptance and optimism surrounding Toncoin and, by extension, the broader cryptocurrency market.
