Toncoin whales are back in action! Following the release of Pavel Durov, the price of Toncoin is showing signs of recovery. With whales controlling 53% of TON’s supply, could the altcoin’s target be $6? Will Toncoin continue its upward trend?
Pavel Durov’s Release Boosts Toncoin
The release of Telegram founder and CEO Pavel Durov has created a positive atmosphere in the crypto world, and Toncoin whales have returned to the market. Large investors have significantly increased their Toncoin holdings, now controlling more than 53% of the total supply.
Toncoin, one of the surprise performers of this year, saw rapid growth in 2024 alongside The Open Network (TON), the blockchain associated with Telegram. Now, the altcoin is on a path to regain lost ground and set new highs.
Toncoin Whales Continue to Push Forward
Over the past few months, Toncoin has experienced significant volatility. While it saw impressive growth in 2024, the altcoin faced a sharp drop in late August following Durov’s arrest, causing panic among investors and a wave of sell-offs. However, recent developments indicate a market recovery, with TON showing signs of bouncing back.
Over the past 30 days, Toncoin has dropped by 23%, but according to CoinGecko data, it has gained more than 7% in the last 24 hours alone. This sudden surge is largely attributed to the renewed activity of whales. Analysts believe this movement could push TON’s price up to $6.
Whales and Long-Term Strategies
Santiment data reveals that wallets holding between 10,000 and 1,000,000 TON have increased by 3% in the past week. During Durov’s detention, these numbers had plummeted as panic selling dominated the market. However, the current picture is very different, with significant reductions in sell-offs. Notably, the amount of TON on exchanges has dropped by 5%, indicating that investors are now thinking more long-term.
The Next Target for Toncoin
The entire crypto community is now focused on Toncoin’s future. If demand continues at its current pace, analysts believe the first target will be $5.30. Should this level be breached, Toncoin could rise to $5.95, setting a new all-time high.
