Toncoin (TON) is witnessing a sharp rise in large transaction volumes, even as the crypto market faces a $482 million sell-off. On-chain data reveals a 94% increase in TON transactions valued at over $100,000 within the past 24 hours.
This suggests heightened whale activity, either through accumulation or redistribution.
Crypto Market Faces Extended Selling Pressure
The crypto market continues to experience significant liquidations, with $482 million in crypto positions wiped out over the last day, according to CoinGlass. Bitcoin dropped 2.26%, marking its third consecutive daily decline. Other major tokens also struggled, with Dogecoin falling 3.83% and Cardano (ADA) plunging 6.83%.
Toncoin Bucks the Trend
Amid the broader sell-off, Toncoin stands out. Large transaction volumes surged to $8.21 billion (or 1.54 trillion TON), reflecting increased whale activity, according to IntoTheBlock. At the time of writing, TON has shown signs of recovery, up 0.09% in the past 24 hours, though it remains down 7.49% for the week.
Inflation Concerns Weigh on Crypto Markets
The ongoing sell-off aligns with inflation fears sparked by the Federal Reserve’s December meeting minutes. Fed officials signaled that the pace of interest rate cuts might slow this year due to rising inflation risks.
According to the minutes, “Almost all participants judged that upside risks to the inflation outlook had increased,” citing stronger-than-expected inflation data and potential policy shifts in trade and immigration.
Investors are closely monitoring job data this week, with the upcoming nonfarm payrolls report on Friday expected to provide critical insights ahead of the Fed’s late-January meeting.
