As the Toncoin (TON) price hovers around $6.2, whale activity within the Toncoin ecosystem has seen a significant uptick, indicating growing interest from large investors.
Toncoin Price Surge and Market Capitalization
Over the past two months, Toncoin has experienced a remarkable surge, making it the ninth-largest cryptocurrency by market capitalization, surpassing Cardano. Currently trading at $6.35, Toncoin boasts a market capitalization exceeding $22 billion.
Toncoin Whale Activity
According to CryptoQuant, transactions exceeding $1 million USD dominate Toncoin’s on-chain volume. This surge in high-value transactions since Toncoin’s rise in 2024 suggests heightened network activity among large investors, or “whales.”
Impact of Telegram’s Stars Venture
The announcement of Telegram’s latest venture, Stars, set to debut on June 12, has influenced Toncoin’s trajectory. Stars aims to revolutionize transactions within the Telegram ecosystem, fueling anticipation and speculation in the cryptocurrency community. Toncoin has experienced a surge in price as news of Stars spreads.
TON Price Action and Outlook
Despite recent attempts to breach the $7.0 resistance level, TON fell back to $6.2 over the last ten days. If Toncoin fails to hold above the critical support level of $6.0, it could decline further to $5.4. However, maintaining support above $6.0 could lead to a rebound towards $6.5, potentially invalidating the bearish outlook.
Conclusion
With Toncoin’s price stabilization and increased whale activity, the cryptocurrency market is closely watching its trajectory. As Toncoin navigates price fluctuations and market sentiment, its performance in the coming days could determine its direction in the volatile cryptocurrency landscape.
