The cryptocurrency market has been very active lately. While some cryptocurrencies are experiencing significant gains, others are facing resistance. One of the standout performers was Toncoin (TON coin), which has seen a significant price increase over the past two months.
TON coin rises due to the influence of whales
TON has climbed the ladder of the crypto world and surpassed Cardano (ADA) to become the ninth largest cryptocurrency by market cap. As of today, May 25, 2024, Toncoin is trading at $6.35 and boasts a market cap of over $22 billion.
According to data from CryptoQuant, large transactions exceeding $1 million increasingly dominate Toncoin’s on-chain volume. This increase in high-value transactions indicates increased interest from institutional investors, often referred to as “whales,” and increased activity on the Toncoin network. This participation of major players expresses confidence in Toncoin’s potential and further fuels its price growth.
What are other cryptocurrency activities?
While the Toncoin story dominates the headlines, other cryptocurrencies are also witnessing significant whale movements:
- DMT: A newly created wallet address with initial funds from GSR opened a $1 million position in DMT today, May 25, and is currently enjoying a healthy floating profit of 24%, according to Nasnen data.
- The Graph (GRT): Data analyst @ai_9684xtpa reported that Amber Group transferred a significant amount of GRT (25 million tokens worth approximately $8.03 million) to Binance 13 hours ago. This follows an introductory period for GRT, with a total of 30 million tokens transferred back to the trading platform in the last two days.
- Ethereum (ETH) Ecosystem Tokens: Whale/enterprise activity is also evident in the Ethereum ecosystem. Analyst Yu Jin observed a whale address withdrawing $7.22 million worth of ecosystem tokens from Binance, including UNI, ENS, AAVE, LDO, and FXS in the past hour. This pullback follows a buying spree the other day in which the same address accumulated a significant amount of ETH ecosystem tokens worth $24.45 million.
- Chainlink (LINK): Lookonchain tracking shows that an address suspected to be Wintermute spent $301,300 to purchase 37.86 million CAT tokens four hours ago. This acquisition has already generated unrealized profits of $886,000.
- Strike (STRK): Spot on Chain data reveals that Teneo, the liquidator of Three Arrows Capital, deposited a significant amount of STRK (2.18 million tokens worth approximately $2.63 million) to Binance in the last three days. Teneo remains a major owner of STRK after the bankruptcy of Three Arrows Capital.
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