Toncoin's market cap grew massively in 2024, reaching nearly $20 billion and becoming the 8th largest cryptocurrency.
Investors holding large amounts of Toncoin have been buying heavily in the past week, with over $346 million in the bag.
Santiment's data shows that whales have been accumulating steadily since the year began.
While whale interest is positive, Santiment's MVRV Z-Score suggests the whales might consider taking profits soon.
Toncoin's price is currently up, and both CoinCodex and TradingView predict a possible surge to $10, with some models even suggesting a reach of $20.
Toncoin has come a long way throughout 2024, from its recent integration with the social messaging platform Telegram to the boom of Telegram mini apps like Notcoin, Hamster Kombat, and Pixelverse.
CoinMarketCap data shows that the cryptocurrency's market cap has rallied from around $37 million at the beginning of the year to around $19.6 billion today.
Toncoin’s growth in market cap
Toncoin's rally has been impressive so far. It has jumped up to be the 8th largest cryptocurrency by market cap, despite being far from the 100th largest in 2023.
Recent on-chain data now shows that the whales are not done with Toncoin yet, and here is everything you need to know.
According to a recent tweet from Ali Martinez, the Toncoin whales started this week with a buying spree on the cryptocurrency.
In particular, these whales bought more than 45 million Toncoin over the past week, worth around $346.5 million.
This means that the whales are gearing up for a massive move on cryptocurrency and that we might see an even more massive rally soon.
According to data from Santiment, the Toncoin whales holding between 10,000 and 1,000,000 TON or between $79,000 and $79,000,000 of the cryptocurrency have been the most active of this cohort, as shown in the chart below.
The Toncoin whales are bullish.
These whales have been on a steady accumulation spree since the start of the year and have significantly influenced the price of cryptocurrency.
According to an earlier tweet from Santiment, the whales' interest in Toncoin has been intense since the start of the year.
However, there might be a chance that the whales are overdoing things on TON, along with other heavyweights like Bitcoin and Ethereum.
Santiment cites readings from the MVRV Z-Score, which is used to identify overvalued and undervalued assets based on average trader returns, for its outlook. These indicate that the whales might be considering taking profits on $TON, Bitcoin, and Ethereum at any time.
At the time of writing, Toncoin is highly bullish on most timeframes and is even up by around 5% on both daily and weekly timeframes, as shown in the snapshot below:
Toncoin’s bullish price action
Data from CoinCodex, however, indicates that Toncoin's profit taking from the whales might not be coming in anytime soon, considering how its AI models believe we might be seeing the cryptocurrency breeze past $10 and even $20 very soon.
Coincodex’s AI prediction on Toncoin
Coincodex’s AI prediction shows that the current bullishness on Toncoin will continue into the coming week, allowing the cryptocurrency to hit the psychological $10 price target.
Once this price target is breached, the AI models see Toncoin soaring to the $26 zone.
While the predictions above seem slightly overstated considering the general market sentiment at the time of writing, Toncoin has faced even worse odds in the past and might stand a chance at a rally to $10 soon, even if $20 is out of reach.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.