With the release of Telegram co-founder and CEO Pavel Durov leading to positive sentiment for the crypto, Toncoin whales are back in the driver’s seat and looking to push TON toward $6. Indeed, large holders of the cryptocurrency have increased their stash. That has led to those whales controlling more than 53% of the entire supply.
The token has been one of the biggest surprises of the industry this year. It has risen to prominence alongside Telegram’s blockchain, The Open Network, which has become a key player in the sector throughout 2024. Now, its native token looks to be back on track for notable gains.
Also Read: Toncoin Rebounds as Telegram Founder Breaks Silence on Arrest
TON Eyes $6? Whales Make a Comeback that Could Drive Toncoin
Toncoin has had a rather volatile few months. Although it had seen an impressive surge define its 2024, it fell drastically in late August. Specifically, the arrest of Telegram CEO Pavel Durov led many to sell off their holdings. Yet, a recovery is now in motion, with Monday leading a massive increase for the cryptocurrency.
Over the last 30 days, Toncoin has fallen more than 23% to its currency level, according to CoinMarketCap. However, in the last 24 hours, it is up more than 7% in a drastic move. That rebound looks to be driven by Toncoin whales, with TON now targeting a price closer to $6.
Also Read: Can Toncoin (TON) Hit $10 in September 2024?
Santiment data shows that Toncoin whales have surged in the last week. That indicates that wallets holding 10,000 to 1,000,000 TON have increased more than 3% in that span. That is a stark difference from what was the case just several weeks ago. Indeed, the Durov arrest had those numbers plummeting.
On August 24th, the day of the arrest, TON whales dropped to a 30-day low of just 131 addresses. That was the result of a mass sell-off triggered by concern and negative overall sentiment. That is in stark contrast to its current figure, with sell-offs falling mightily. Santiment even notes that TON tokens held on exchanges fell 5%, proving most holders are embracing a long-term strategy.
Now, all eyes are on where TON can go from here. With increased demand, there is reason to believe Toncoin can continue increasing to the $5.30 level. From there, it would encounter a mnmotable support. If it can breakthrough that level, it could be eyeing $5.95 as its next target.