- Toncoin (TON) defied the broader crypto market downturn, surging 4% in 24 hours as 1.1 million TON left exchanges, signaling whale accumulation and renewed investor confidence.
- Backed by a $400 million investment from top venture capital firms and integration into Telegram’s ecosystem, TON outperformed major cryptos, catching short sellers off guard.
While the broader cryptocurrency market struggles amid a bearish wave, Toncoin (TON) is defying the odds, staging an impressive comeback after a prolonged slump. Recent data shows that TON’s resilience stems from a major outflow of 1.1 million TON from exchanges, signaling a return of bullish sentiment and whale accumulation.
Toncoin Defies Market Slump
The global crypto market cap plunged by over 3% in the last 24 hours, reducing it to $2.76 trillion. Despite this downturn, Toncoin emerged as one of the day’s top gainers, climbing nearly 4% within the same period. This recovery is remarkable, considering TON was in a deep downtrend that left nearly all holders at a loss just weeks ago.
According to blockchain analytics platform IntoTheBlock, the recent upswing has brought around 10% of TON holders back into profit. The notable 1.1 million TON outflow from exchanges suggests that investors, particularly large holders, are accumulating once more—a classic sign of confidence in the token’s future.
A Month of Highs and Lows for TON
In the past week, Toncoin’s price surged by more than 12%, outperforming major cryptocurrencies like Ethereum and XRP, which posted losses. As of the latest data, TON is trading at $4.02, with a remarkable 76% increase in 24-hour trading volume to $401 million. However, TON remains down by 51% from its all-time high of $8.24, recorded in June 2024.
The rally comes on the heels of a major announcement from Pavel Durov, CEO of Telegram, who revealed that leading venture capital firms—including Sequoia, Benchmark, Ribbit, and Draper—have invested over $400 million into TON. This strategic backing underscores TON’s growing importance within the Telegram ecosystem, where it powers payments for content creators, developers, and Telegram Ads in most countries.
Short Sellers Suffer as TON Surges
The unexpected rise in TON’s price caught many traders off guard. Coinglass reported that around $1.73 million worth of long and short positions on TON were liquidated in the past 24 hours, with 62% of liquidations coming from short positions. This suggests that many traders anticipated further declines, only to be blindsided by the token’s bullish momentum.
Toncoin’s recent performance highlights its potential to rebound even amid challenging market conditions. With whales re-entering the accumulation phase and venture capitalists showing renewed interest, TON’s outlook appears promising. As long as market sentiment remains supportive, Toncoin could continue defying the broader market trend and regain its position as a top-performing asset in the crypto space.