TON Whales Accumulate $346.5M Within a Week. Price Surge Incoming?

Toncoin, the native cryptocurrency for The Open Network (TON), a layer-1 blockchain affiliated with the popular social platform Telegram, has captured the attention of various crypto whales. Over the past week, these big buyers accumulated over 45 million Toncoin (worth approximately $346.5 million), as noted by the on-chain analyst Ali Martinez.

Whales have bought more than 45 million #Toncoin $TON over the past week, worth around $346.5 million! pic.twitter.com/P3UKHHjHcU

— Ali (@ali_charts) June 30, 2024

Toncoin Captures More Attention

Investors’ interest in Toncoin has been bolstered by several factors, one of which is the increasing popularity of the TON blockchain. In recent months, the layer-1 network has attracted the attention of prominent blockchain projects like Tether. Its association with Telegram has also led to the onboarding of popular gaming projects like Notcoin and Tapswap, further solidifying its position in the market.

Additionally, TON’s decentralized finance (DeFi) business has seen a remarkable boom within the past quarter. At the start of the quarter in April, the network’s total value locked (TVL) was $99.4 million. By the quarter’s end in June, the TVL had surged to over $700 million, as revealed by the blockchain analytical platform DeFiLlama. These metrics are a strong indicator of the cryptocurrency’s potential.

Last month, the leading crypto exchange, Binance, enabled users to send USDT via the TON blockchain. Still, these milestones have also attracted malicious actors who capitalize on phishing links to lure unsuspecting users into surrendering their TON assets.

Toncoin Trades Above $7

Amid Toncoin’s rapid adoption in the past quarter, it attained a historic all-time high (ATH) of $8.25. However, the coin has rebounded at a current trading price of $7.6, representing a 7.53% drop from its peak price.

Ideally, increasing demand for a specific cryptocurrency sparks a surge in its value. With large funds injected into Toncoin by crypto whales, the asset’s price may go up soon. However, the asset is yet to experience a significant price increase.