Toncoin (TON), the native token that powers The Open Network, has experienced a spike in whale activity, with large transaction volume increasing by more than 111%, indicating that large holders, or whales, may be preparing themselves for a potentially significant market shift.
According to the on-chain analytics platform IntoTheBlock, the volume of large transactions involving TON — defined as transfers exceeding $100,000 — has more than doubled in the past 24 hours, reaching $5.75 billion in monetary terms.
Large transaction volume for Toncoin surged from 913.69 trillion TON to 1.82 billion TON on April 9. This rise typically signals increased activity from large holders, or whales, either buying or selling.
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The 111% jump in whale activity is especially noteworthy given the broader market's recent rebound. Bitcoin and most cryptocurrencies are trading in the green amid a relief rally on the broader markets. Toncoin (TON) was up nearly 1% in the last 24 hours to $2.98 but still down 20% weekly.
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Large holders tend to move ahead of retail investors, often foreshadowing trends in price action. The 111% surge in whale activity might hint at an accumulation phase amid a recent dip in the market, internal transfers or reallocation between wallets (potentially by exchanges or whales).
Markets await major move
Bitcoin (BTC) reached a high of $83,583 on Wednesday, ushering in gains across the crypto market after a relief rally on the broader financial markets. On Thursday a handful of cryptocurrencies were sustaining gains by trading in green.
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Crypto-tracked futures saw liquidations totaling over $457 million in the last 24 hours, with shorts liquidating for $321 million, the largest since early March. This helped mitigate losses from Monday and Tuesday, when Bitcoin fell to about $75,000.
U.S. stocks had their largest surge since 2008. The S&P 500 Index rose 9.5%, recovering from bear market territory, while the tech-heavy Nasdaq 100 increased 12%.
As such, traders continue to monitor developments for clues on positioning, particularly on the cryptocurrency market, amid the uncertainty.
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