Toncoin (TON) whales are coming back to life, as showcased by the actual trend in 24-hour volume. Per data measured by IntoTheBlock, the total large transaction volume registered on Toncoin in the past 24 hours is up 90.78%. This metric skyrocketed despite the dropdown in a similar trend for its core rivals in the top 10 most capitalized coins.
Toncoin whales: True picture
According to IntoTheBlock data, Toncoin whales have registered a total of $7.94 billion over the past 24 hours. By comparison, the bigger Ethereum chain has seen a similar metric drop by more than 10%, with a volume of $5.7 billion. This underscores the big backing TON is getting from the community.
The large transaction — worth at least $100,000 — comes as the price of Toncoin is shedding its gains. As of writing time, the coin was changing hands for $4.938, up by 2.10% from an earlier gain of over 6%.
The true picture of the Toncoin ecosystem is that usage is growing. This is showcased by the surge in actual transaction volume, which is up 10.65% to $168.95 million. In addition, the daily active addresses have soared by 3.13% to 1.3 million overall.
If the broader momentum is kept up, it might help sustain the coin’s price above the $5 resistance level in pushing for new highs.
Ecosystem influence
The Open Network (TON), the blockchain protocol backing Toncoin, needs to innovate in no small way. First, the actions of TON whales need to stay consistent into the foreseeable future.
This is because its focus dApps, including Notcoin and DOGS, are not drawing in as much hype as they did weeks back.
This means new projects need to launch with more innovative use cases, which that can drive the adoption of TON in the long term. In the meantime, TON remains locked in a bid to retest its all-time high (ATH) of $8.24.
