Toncoin (TON) has surged by 104% in just 24 hours, catching the attention of crypto traders and analysts alike. The sharp price spike is attributed to increased whale activity and a wave of short liquidations sweeping across the market. According to data from IntoTheBlock, the volume of large transactions involving Toncoin has high, rising to $8.13 billion—a 104% increase within the last 24 hours.
The sudden rise in large transaction volume is a clear sign that major players, or “whales,” are actively moving their assets. Whale activity often leads to significant price movements in the crypto market, as these investors typically make large buy or sell orders that can dramatically influence asset prices. The 104% increase in Toncoin’s large transaction volume suggests that whales have been either accumulating or selling TON, contributing to the rapid price change.
This price surge aligns with broader trends in the crypto market, as Toncoin has been experiencing increased interest from both retail and institutional investors. The increased whale movements are likely part of a strategy to capitalize on Toncoin’s rising value, further pushing the price upwards.
Toncoin’s price movement is not just a result of whale activity, but also a response to significant short liquidations happening across the market. According to CoinGlass data, a staggering $127 million in short positions have been liquidated in the past 24 hours. Short liquidations occur when traders who bet against the market (short sellers) are forced to close their positions due to price increases, resulting in a cascade of buy orders that push the price even higher.
The liquidation of short positions in the market can cause a “short squeeze,” where the forced buying of assets leads to a rapid price increase. This seems to be what is happening with Toncoin, as the combination of whale activity and short liquidations creates a perfect storm for the asset’s price to surge.
At the time of writing, Toncoin is up 2.79% in the last 24 hours, trading at $5.39. While this might seem like a modest increase compared to the 104% rise in large transaction volume, it reflects the ongoing recovery in the broader cryptocurrency market. Toncoin’s performance comes amidst a market that has seen significant volatility, but with certain assets like TON showing resilience.
The recent surge is also part of a broader recovery trend in the crypto market, as many assets have been bouncing back from recent dips. The massive liquidations of short positions, particularly in the case of Toncoin, suggest that the market is in a state of flux, with both traders and whales actively adjusting their positions.
The surge in Toncoin’s price, driven by whale movements and short liquidations, could be an indication of further bullish momentum in the near future. As more whales continue to accumulate Toncoin, the asset could see continued upward pressure. Additionally, the ongoing short squeeze may lead to more liquidations and further price increases, at least in the short term.
However, it’s important to note that the cryptocurrency market remains volatile, and Toncoin’s price could experience fluctuations in the coming days as the effects of the short liquidations wear off. Investors should exercise caution and keep a close eye on market movements to determine the sustainability of Toncoin’s recent surge.
Toncoin’s dramatic 104% rise in transaction volume and the concurrent short liquidations signal a shift in market dynamics. With whale activity driving the price upwards and short sellers being forced out of their positions, Toncoin is positioning itself as a key player in the crypto space. Whether this surge is the start of a longer-term trend or a temporary spike remains to be seen, but for now, Toncoin’s market activity is certainly worth watching.
Get the latest Crypto & Blockchain News in your inbox.