Toncoin is experiencing bullish sentiment for the first time after the recent price crash amid declining whale transactions.
According to data from IntoTheBlock, the bullish sentiment surrounding Toncoin (TON) has increased over the past 24 hours.
TON recorded a 4.7% increase in the last 24 hours and is trading at $5.6 at the time of writing. The asset’s market capitalization crossed the $14 billion mark, overtaking Tron (TRX) to become the ninth-largest cryptocurrency.
The Open Network’s native token saw a 99% increase in its daily trading volume, reaching $1.3 billion.
Toncoin crashed from $6.8 to $5.3 on August 25 when Pavel Durov, the founder and CEO of Telegram, was arrested at an airport near Paris. According to a report by crypto.news on August 28, Durov has faced six charges, including terrorism and child abuse, and is on probation.
Data from ITB shows that the number of whale transactions involving TON worth at least $100,000 declined from 2,100 on August 26 to 864 on August 28 as the bearish momentum surrounding the asset showed signs of cooling down.
Additionally, the number of TON tokens in retail addresses – which represent less than 0.1% of the asset supply – increased from 438 million to 591 million coins, marking a new high.
At this point, Toncoin whale concentration has decreased by 3% and now stands at 88% of the total supply.
On August 27, the number of daily active TON addresses reached a new high of 2.23 million unique wallets, with 43.82 million non-zero addresses.
