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Transactions Above $1M Dominate the On-Chain Volume of TON – Crypto News

Published

2 years ago

May 30, 2024

Dripp

The TON network has experienced a notable surge in high-value transactions, with those exceeding $1 million now dominating its on-chain volume. The interest of whales on the network can be seen with a marked increase in dollar transactions since its bullish rise in 2024.

The listing of Notcoin (NOT), a Toncoin-associated token served as a catalyst that influenced on-chain activity and market sentiments. This comes even as accumulation by large holder groups with assets between 100,000 and one million NOT revealed long-term confidence and potential for future price recovery.

Transaction Catalysts and Market Sentiment

Notably, the Notcoin network incentivized users with the distribution of airdrops on different platforms to drive engagements and extensive circulation of the token. This helped in no small measure to grow the active user base in the community.

Moreover, the token’s association with Telegram, a leading social media platform has helped to propel an explosive price surge. This naturally has attracted the whales seeking to profit from the growing digital asset.

Analysts have also attributed the bullish price run of NOT towards $1 to three significant reasons namely active community, protocol development, and exchange listings. Many crypto exchanges such as Binance, OKX, Bybit, and KuCoin have added support for Notcoin trading.

Meanwhile, the Notcoin price soared by gaining 40% to attain a new all-time high of $0.012 with a market cap of $1.218 billion. NOT daily trading volume also rose by 18% to over $1.2 billion. Its weekly run saw a remarkable 150% uptick with more than $640 million added to its market cap.

TON Price Rally and Market Impact

Interestingly, the soaring of the community and spike in the frequency of these high-value transactions have risen comparatively, contributing to the upward trend in Toncoin’s price. According to CoinMarketCap data, TON is trading at $6.51, up 1.30% in the past 24 hours at the time of writing.

Consequently, TON has evolved into a robust blockchain capable of handling substantial value transfers, attracting a steadily growing number of large investors. Analysts predict that these whales are positioning themselves and will likely rake in huge profits when the coin gains significant valuation in price.

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