Over the past week, Toncoin (TON) whales have capitalized on recent dips to buy more tokens. This has led to a resurgence in the demand for the altcoin, which has driven up its value since last weekend.
As of this writing, TON is trading at $5.34, noting a 2% price increase over the past 24 hours and a 20% surge in trading volume. While whale activity offers a short-term boost to TON’s price, not everyone shares their optimism.
Toncoin Whales Boost Price
In the past week, TON large holders or whales have increased their accumulation, as evidenced by the spike in its large holders’ netflow. IntoTheBlock’s data has revealed a 124% increase over the past seven days.
Large holders refer to addresses that hold over 0.1% of an asset’s circulating supply. Their netflow measures the difference between the coin they buy and the amount they sell over a specified period. When the metric spikes, it indicates that these whale addresses are buying more coins.
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Moreover, the surge in whale activity has triggered a rise in Toncoin’s price since last weekend, with many transactions now yielding profits. As of Monday, the ratio of TON’s daily transaction volume in profit versus loss is 3.61, its highest in ten days. This indicates that for every transaction ending in loss today, 3.61 transactions have turned a profit.
While this is a bullish signal for TON holders, it could pose risks to its price. The higher potential for profit might prompt investors to sell, which could increase selling pressure. If this happens, TON’s recent gains may reverse, erasing the current upward momentum.
TON Price Prediction: The Desire for Profit May Lead to a Decline
Toncoin whale activity could further fuel demand for the altcoin. When retail investors notice large holders increasing their trades, it often boosts confidence, leading to increased buying and sustained price growth.
If TON experiences a surge in demand, its price could rise by 27%, reaching $6.81 — a level it has struggled to rally past since June.
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However, if the pursuit of profit triggers more selling, Toncoin’s price may drop by 18%, potentially falling to $4.42.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/toncoin-whales-price-surge-risks/
2024-10-07 08:36:54
