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Toncoin (TON), the eighth largest cryptocurrency by market ranking, has skyrocketed over 14% in the last 24 hours, pushing its market valuation to $17.92 billion. TON surged from lows of $6.40 to reach intraday highs of $7.27, extending its rebound since the week's start.
At the time of writing, TON was up 13.79% in the last 24 hours to $7.12 and up 24% weekly. The surge coincides with Telegram's 11th anniversary, which is today, Aug. 14.
The TON blockchain, which is directly linked to messaging platform Telegram, has seen significant activity as whales make big moves. The compounding effect of various mini apps, as well as the DOGS (realDogsHouse) expected news today, likewise contributed to the TON price's rise.
A TON network analysis shared by IntoTheBlock reported that TON's trading volume has surged by more than 19% in the last 24 hours, hitting $500 million. This increase in volume indicates increased market activity and interest from both traders and investors.
The growth is also reflected in the Total Value Locked (TVL) for the TON network which, according to DeFiLlama data, has risen to $614 million, from $596 million the day before. This growth in TVL reflects increased user engagement and confidence in the TON blockchain's DeFi.
Whales make major move
Notably, TON has seen a spike in large transaction volume coinciding with the price jump. Data from IntoTheBlock reveals a 91.14% increase in large transactions exceeding $100,000 over the last 24 hours.
Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicate increased activity among institutional players, either buying or selling.
Large transaction volume for Toncoin came to $9.36 billion in the last 24 hours, or 1.45 billion TON.
This substantial growth indicates that whales or institutions are increasingly active within the TON ecosystem, a trend often regarded as bullish.
Dan Burgin
U.Today Editorial Team
