- Whale activity for Toncoin surged by 376% in the past 24 hours.
- Toncoin reached an all-time high of $8.24 on June 15 but has since experienced a minor price decline, down 2.53% to $6.90.
- The MVRV indicator suggests Toncoin may enter a phase of consolidation or range trading in the short term.
Toncoin (TON) has recently witnessed a surge in whale activity, marking a significant increase according to on-chain data.
Amidst a recovering market following a bearish start to the week, Toncoin has experienced a notable uptick in large transactions, commonly associated with whale movements. This surge amounts to a remarkable 376% rise in whale activity within the last 24 hours, suggesting heightened interest and possibly strategic moves by large investors.
Notably, Toncoin has faced recent price declines. As of the latest data, Toncoin is down 2.53% over the past 24 hours, trading at $6.90. Despite this decline, the volume of large transactions for Toncoin has reached 1.74 million TON, equivalent to $12.42 million, reflecting the increased involvement of whales in the market.
The surge in whale activity comes on the heels of Toncoin achieving an all-time high of $8.24 on June 15, indicating a period of intense bullish sentiment followed by potential consolidation. The MVRV indicator suggests that Toncoin may be entering a phase of consolidation or range-bound trading in the near term. This indicator, which compares the market value of an asset to its realized value, is currently indicating neutrality with a 30-day MVRV of -0.6%.
This neutral MVRV ratio implies that Toncoin’s market value aligns closely with its realized value, suggesting neither significant overvaluation nor undervaluation at this point. As such, investors are advised to consider additional market signals beyond the MVRV ratio to make informed trading decisions amidst the current market conditions.
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