Toncoin whale transactions hit $34B amid market volatility

Recent on-chain data reveals that Toncoin (CRYPTO:TON) has reached a record-breaking large transaction volume of over $34 billion, driven by heightened activity among whale investors.

According to analytics platform IntoTheBlock, transactions exceeding $100,000 have surged, indicating sustained interest from large holders despite recent price fluctuations.

The metric, known as "Large Transactions Volume," measures the total value of high-value transfers on the TON network.

Last week, it climbed to an all-time high of 9.03 billion TON, equivalent to $34.28 billion.

Analysts note that such whale activity often correlates with increased market volatility due to the scale of these transactions.

IntoTheBlock highlighted the resilience of whale engagement amid price declines.

"This trend suggests that whales remain actively engaged with the protocol, even in the face of recent price volatility," the firm stated.

While the exact nature of these transactions—whether buying or selling—remains unclear, some speculate they may be linked to dip-buying behavior following recent market corrections.

Toncoin's price trajectory has been influenced by this surge in whale activity.

Historically, large-scale transactions can reduce circulating supply and drive price changes when matched with demand shifts.

However, predicting the direction of this volatility remains challenging without further data on transaction types.

Toncoin has seen consistent growth in whale activity over the past year, coinciding with notable developments in its ecosystem.

The cryptocurrency ranks among the top 10 by market capitalisation and continues to attract institutional attention.

Analysts suggest that sustained whale participation could signal long-term confidence in the asset.

Despite current price pressures, Toncoin remains a focal point for investors seeking high-value blockchain networks.

Its ability to maintain robust transaction metrics during periods of uncertainty underscores its potential as a key player in the cryptocurrency space.

At the time of reporting, the Toncoin (TON) price was $4.13.