Toncoin (TON) has caught the attention of crypto whales, with large-scale transactions surging by over 200% in the past 24 hours, as highlighted by analyst Ali Martinez.
This surge in on-chain activity has sparked significant optimism for TON, the token associated with ‘The Open Network’ introduced by Telegram founder Nikolai Durov. Let’s explore why Toncoin is becoming a hot topic in the crypto community.
On-Chain Activity Drives Investor Interest
Martinez’s analysis on X reveals a remarkable surge of 237.5% in large transactions, particularly those exceeding $100,000, within the past day. This surge coincides with the onset of this year’s bull cycle in March, suggesting a strategic shift in crypto whales’ investment strategies.
Toncoin’s price trajectory echoes this surge, rising from a low of $2 to an impressive $7 since March. This remarkable growth likely prompted increased on-chain activity, further fueling investor enthusiasm for the crypto asset.
Additionally, Anthony Tsivarev’s post noted a new all-time high in daily active users on the ton blockchain, reaching 605.9K active users. This milestone adds to the bullish sentiment surrounding Toncoin.
Price Surge and Market Statistics
As of writing, TON’s price has seen a 3.56% increase in the past 24 hours, reaching $6.72. Monthly charts depict a notable 22.98% price rally for TON. Market data from Coinglass indicates a significant uptrend, with futures Open Interest (OI) rising by 1.80% to $200.79 million and derivatives volume surging by 224.67% to $542.07 million.
These market indicators corroborate the surge in on-chain transactions, highlighting the growing optimism surrounding Toncoin’s future prospects.
