Increased Whale Activity in Toncoin Suggests Potential Price Movement Amid Bearish Sentiment
The post Increased Whale Activity in Toncoin Suggests Potential Price Movement Amid Bearish Sentiment appeared on BitcoinEthereumNews.com.
In a surprising turn, Toncoin’s whale activity has surged sharply with large holders’ netflow climbing 132% within the last week, indicating new investment trends. The increase in daily large transactions signals a notable uptick in engagement from major investors, although a prevailing bearish sentiment continues to limit price movements. According to IntoTheBlock, “When this metric surges, it indicates that whales are buying more coins than they are selling,” a potential bullish signal despite current price challenges. Toncoin’s whale activity has surged, but bearish sentiment limits price movement as short-term holders sell off. Discover insights on this crypto trend. Toncoin’s Whale Activity Rises Amid Bearish Sentiment The cryptocurrency market is witnessing significant activity in Toncoin (TON) as large holders, or whales, increase their netflow. In the past week, the netflow from large holders has spiked by an impressive 131.63%, indicating substantial accumulation of TON tokens. This uptick is accompanied by an almost 94% increase in daily transactions valued between $1 million and $10 million, according to data from IntoTheBlock. Decoding the Surge in Large Transactions This surge can be interpreted as a bullish sentiment among major investors, who typically have a strong influence on market movements. Large holders generally consist of wallets that possess over 0.1% of Toncoin’s circulating supply. When their buying activity outweighs selling, it usually implies a positive outlook on the coin’s future pricing. However, despite this bullish indicator, the overall sentiment in the market remains bearish, which is causing a paradox where increased whale activity does not translate into an upward price trajectory. Impact of Short-term Holders on Toncoin’s Price Dynamics Despite the favorable signs from whales, Toncoin’s price is experiencing downward pressure due to actions from short-term holders (STHs). Recent analyses show that STHs have reduced their holding periods by 29% over the last month, suggesting…
Filed under: News - @ October 25, 2024 9:21 am