Toncoin is witnessing bullish sentiment for the first time after the recent price drop amid declining whale transactions.
According data Provided by IntoTheBlock, the bullish sentiment around Toncoin (TON) has increased in the last 24 hours.
TON registered a 4.7% increase over the past 24 hours and is trading at $5.6 at the time of writing. The asset’s market cap surpassed the $14 billion mark, surpassing Tron (TRX) to become the ninth largest cryptocurrency.
The Open Network’s native token saw a 99% increase in daily trading volume, reaching $1.3 billion.
Toncoin plummeted from $6.8 to $5.3 on August 25 when Pavel Durov, the founder and CEO of Telegram, was arrested at an airport near Paris. According to a report by crypto.news on August 28, Durov faced six charges, including terrorism and child abuse content, and is in custody. supervised release.
Data from ITB shows that the number of whale transactions consisting of at least $100,000 worth of TON decreased from 2,100 on Aug. 26 to 864 on Aug. 28 as bearish momentum around the asset showed signs of cooling.
Additionally, the number of TON tokens held by retail addresses (holding less than 0.1% of the asset’s supply) increased from 438 million to 591 million coins, marking a new all-time high.
At this point, the Toncoin whale concentration has decreased by 3%, falling to 88% of the total supply.
On August 27, the number of TON daily active addresses reached an ATH of 2.23 million unique wallets with 43.82 million non-zero addresses.
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