Crypto Whales Back TON Altcoin with Major Investments
This year has seen a huge increase in investor interest in the Open Network and its native asset, Toncoin (TON). Notwithstanding the present market slump, this pattern seems to remain robust. Aiming to regain its recently reached top above $8, TON has seen a spike of almost 23% over the last month. Therefore, whales are becoming interested in this momentum.
Popular cryptocurrency researcher Ali Martinez recently published some updated data, and it shows that these whales added almost 45 million TON (or roughly $346 million) in value in only the last week. While the overall market movement remained stagnant, this trend indicates that investors in the token were becoming more optimistic.
Why is the TON Price Rising?
After surpassing Dogecoin, TON is currently the eighth-largest cryptocurrency asset by market capitalization. The surge in value was caused by a number of play-to-earn games that debuted on Telegram, as well as heightened network activity and significant adoption.
Total value locked (TVL) for the Open Network protocol surpassed $700 million on June 30, setting a new record. Blockchain-powered video games like Notcoin, Hamster Kombat, and Yescoin make this possible. With their ability to attract players seeking to augment their income, these games have progressively grown in importance within the TON ecosystem.
TON was given the go-ahead to trade on regulated exchanges by Kazakhstan’s Financial Services and Regulatory Committee (AFSA) after an audit verified that the token satisfies all listing requirements. With the development, TON was able to become one of the more than 100 cryptocurrencies that the government has legalized, including Avalanche, Bitcoin, Ethereum, Polygon, TRON, and others.
FAQ
How Does Whale Movement Affect the Price of the Altcoins?
Whale trading often leads to significant increases in the price of altcoins. Buying large quantities can increase demand and drive the price higher.
Why is the Ton Altcoin on the Rise?
This altcoin has recently attracted attention thanks to large whale investments. It’s on the rise due to factors such as technological innovation, strong community support, and the vision of the development team.
Why are Whales Investing in TON?
Whales believe in the long-term growth potential of this altcoin. Therefore, they are investing hundreds of millions of dollars. The altcoin’s unique characteristics and competitive advantages in the market are also fueling this interest.
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