Large Whales Accumulate 13m TON Amidst Price Decline
The recent detention of Pavel Durov, the founder and CEO of Telegram, has had a significant impact on the Toncoin (TON) market. As Durov faced legal troubles in France, selling pressure on TON increased, leading to a price decline. However, amidst this turmoil, large whales in the crypto market continued to accumulate TON tokens, indicating a strong belief in the long-term potential of the asset.
Whale Dominance in TON Market
Data provided by IntoTheBlock reveals that a staggering 92% of the total TON supply is held by whales and investors who own over 0.1% of the asset’s 5.1 billion total supply. This concentration of TON tokens among a small group of holders highlights the influence that whales have on the market dynamics of the cryptocurrency. In contrast, the remaining 8% of TON tokens are dispersed among retail addresses, with holders owning less than 0.1% of the total supply.
Accumulation Amidst Price Plunge
On August 25, as the price of TON plummeted below the $6 mark, hitting a local bottom of $5.32, large TON holders seized the opportunity to accumulate more tokens. Data from IntoTheBlock shows that these whales accumulated a whopping 13.14 million tokens during this price decline, indicating a bullish sentiment among the larger players in the TON market. Despite the negative impact of Durov’s detention on the price of TON, these whales remained undeterred in their accumulation strategy.
Market Reaction to Durov’s Arrest
The news of Pavel Durov’s arrest in France sent shockwaves through the cryptocurrency community, causing a 20% drop in the price of TON. This sudden decline in the market cap of TON resulted in a $3.8 billion decrease, causing the cryptocurrency to fall from the eighth to the 11th spot among leading cryptocurrencies. However, the support shown by the crypto community for the Telegram founder helped TON to recover some of its losses, with the price of the asset increasing by 2% in the past 24 hours.
Current Market Status of TON
As of the time of writing, TON is trading at $5.62, with its market capitalization surpassing the $14 billion mark. The daily trading volume of TON stands at $1.2 billion, indicating continuous interest and activity in the TON market. Despite the recent price fluctuations and challenges faced by the asset, TON continues to demonstrate resilience and potential for growth in the volatile cryptocurrency space.
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