Toncoin (TON) Surges 80% in Whale Activity as Market Faces Selling at Year’s End

As the year draws to a close, Toncoin (TON) has experienced an increase in whale activity, with an 80% increase in large transaction volume.

According to IntoTheBlock, Toncoin’s large transaction volume reached $8.75 billion in the last 24 hours, representing an 80.63% increase. This uptick comes amid lackluster trading action on the market as 2024 comes to a close.

The 80% increase in whale transactions indicates that these large players are either accumulating more coins or moving significant amounts of them. In this regard, large holder netflows have surged 300% over the last seven days.

Amazing read on what $TON achieved this year! Filled with charts, graphs, and numbers, get the pure alpha, (no fluff) while reading @RZinovyev analysis of the growth and development of The Open Network! ?

☕️+?=? https://t.co/WmXaEQ9zRW

— TON ? (@ton_blockchain) December 30, 2024

The Open Network (TON) had a significant year in 2024, mainly due to the enthusiasm surrounding Telegram mini-apps like Hamster Kombat, which helped the blockchain draw a tremendous flood of new users. By mid-year, TON’s daily active users had topped five million.

TON remains one of the fastest-growing blockchains among all layer-1 (L1) networks. In 2024, TON surpassed Polygon in terms of token holders (addresses with a positive balance) and is presently closing in on TRON and BNB.

According to Dune Analytics, TON now has 111 million wallets, up from 38.7 million in August. The most dramatic increase happened between August and September 2024, when the number of wallets jumped to 84 million, with a record 2.5 million new wallets generated on Sept. 27 alone.

TON’s total value locked soared 2182% year on year, reaching $267 million at the end of 2024.

Crypto markets on edge

The crypto market was slightly lower on Monday as the final trading days of the year got underway. Cryptocurrencies are seeing mixed action in Monday’s session, as investors considered the outlook for the U.S. economy and the path ahead for monetary policy from the Federal Reserve in 2025.

The Fed suggested that fewer interest rate cuts were on the horizon when it met earlier this month. Policymakers will make their first-rate decision of 2025 in late January.

Data released last week showed that weekly initial jobless claims for the week ending Dec. 21 declined little and fell short of predictions, but continuing claims for the week ending Dec. 14 rose to their highest level since November 2021.

At the time of writing, Toncoin (TON) was down 2.08% in the last 24 hours to $5.71, reflecting the lackluster sentiment on the market.

Source