Ton coins whale rest record: volume exceeds US$34 billion

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Data on the chain shows that the whales have recently strengthened their activity levels as trading volumes have set new heights.

Large-scale trading volume of ton of coins has exceeded US$34 billion

According to Market Intelligence Platform into the Block, large transaction volumes on the toncoin network have been continuing to set new highs recently.

“Large transaction volume” here refers to an indicator of the total amount of transmissions that use over $100,000 to move on the TON network.

Usually, only a whale entity can transfer such a large amount of volume through a single transaction, so the volume is assumed to represent the activity of a large trader.

When the value of this indicator is high, it means that the whales are participating in a large number of trading activities. Such a trend means these huge holders have developed a positive interest in cryptocurrencies.

On the other hand, low metrics suggest that the queue may not pay much attention to the assets because its members do not conduct too many transactions.

Now, here is a chart shared by analytics companies that show the trends in large-scale transaction volumes over the past few years:

Looks like the value of the metric has been on the rise in recent days | Source: IntoTheBlock on X

As shown in the above figure, large-scale transaction volumes of ton-coin have climbed for some time and have explored new historical peaks (ATHS). Just last week, the metric system rose to a fresh record of 9.03 billion tons (worth about $34.28 billion).

The sharp growth in indicators began last year, just before the price rally arrived. Interestingly, the indicator has maintained an upward trajectory even as prices have dropped rapidly recently. “This trend shows that whales are still actively participating in the agreement even in the face of recent price fluctuations,” Intotheblock noted.

As for what this high whale activity means for assets, the answer is volatility. The scale of whales is huge, so they have the potential to transfer the market. Therefore, when a large number of such actions occur, the price may fluctuate in a certain direction.

Often, it is difficult to tell where any volatility that appears will make the cryptocurrency exactly where it is, as large volumes have no hint that buying or selling is a dominant hint.

However, considering that the latest activity occurs after the price crash, the transfer may be related to dumping behavior. That is to say, it is only to be seen what impact the large trading volume on the price of ton-coin (if any) will have.

price

Although the rest of the cryptocurrency industry has been free-falling over the past week, Toncoin has opposed the grains due to its price growth of more than 9%, which raises its price to $4.07.

The price of the coin seems to have shot up over the past day | Source: TONUSDT on TradingView

Featured images from dall-e, intotheblock.com, charts from tradingview.com

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