banner

Toncoin Whale Activity Surges as TON Price Stabilizes: What’s Next?

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.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content