In a surprising development, Toncoin (TON) whales have recently stepped up their activity. According to on-chain data, whale activity for Toncoin has increased by an impressive 376% as the market moves towards recovery following a bearish start to the week.
In a surprising development, Toncoin (TON) whales have recently stepped up their activity. According to on-chain data, whale activity for Toncoin has increased by an impressive 376% as the market moves towards recovery following a bearish start to the week.
According In the block According to data, Toncoin (TON), a cryptocurrency associated with the popular Telegram platform, has witnessed a notable increase in the last 24 hours in large transaction volume, a metric that denotes whale activity. This increase, quantified at an impressive 376%, comes at a time when Toncoin is facing a price drop.
At the time of writing, TON was down 2.53% in the last 24 hours to $6.90, extending a two-day decline. Meanwhile, Toncoin’s huge transaction volume has reached 1.74 million TON in the last 24 hours, or a value of $12.42 million, representing an increase of 376%.
Is Toncoin ready to rebound?
After a huge rally that saw Toncoin hit an all-time high of $8.24 on June 15, the bulls could be taking a breather before the next major move. The MVRV indicator feeling suggests the probability of consolidation or range trading for Toncoin in the short term. The MVRV index compares the market value of a cryptoasset with its realized value, offering insight into the average returns of traders.
Tomiwabold OlajideA lower 30-day MVRV suggests that the asset is undervalued and may be poised for a short-term price increase, while a higher ratio indicates overvaluation and the possibility of a price correction.
According to Santiment, Toncoin currently exhibits a 30-day MVRV of -0.6%, which is considered neutral. This neutrality in the MVRV index implies that Toncoin’s market value is closely aligned with its realized value, indicating that the asset is neither overvalued nor undervalued at this time.
In such a scenario, the probability of a short-term bounce is ambiguous, forcing investors to look for other signals to inform their trading decisions.
