In the last 24 hours, Toncoin (TON) has seen a significant surge in large transaction volume, which indicates whale activity. According to IntoTheBlock data, TON’s large transaction volume has risen 104% in the last 24 hours to reach $8.13 billion.
A surge in large transaction volume often reflects increased activity from whales, buying or selling. The spike in TON’s whale activity coincides with a wave of short liquidations on the market.
At the time of writing, TON was up 2.79% in the last 24 hours to $5.39, reflecting the current crypto market recovery, which has seen $127 million in shorts liquidation within this time frame, according to CoinGlass data.
This increase in transaction volume reflects increasing interest and activity in Toncoin as traders take advantage of the current market rebound.
With large transaction volumes surging, Toncoin seems to be positioning itself for its next major move. However, this might largely depend on the broader market rally and investor sentiment.
Shorts crushed by market
Crypto prices rebounded from Monday’s wipeout, with Bitcoin (BTC) rising as high as $97,705 in today’s session as traders weighed the latest batch of U.S. inflation data, with more to come.
The sudden price rally on the market has left short sellers scurrying. In the past 24 hours, short positions across the crypto market have been liquidated, with $127 million wiped out in liquidations in the last 24 hours, according to CoinGlass data, as the price moved against them.
Short liquidations occur when traders betting on a price decline are forced to buy back their positions at higher prices, resulting in a snowball effect that promotes further price increases. These significant liquidations have added upward pressure to the market, pushing the price higher and increasing trading volume.
The Consumer Price Index (CPI) report scheduled for Wednesday could inject another burst of volatility into markets and provide further clues for traders into the Federal Reserve’s policy trajectory for the year.
