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In the last 24 hours, ton coin (ton) There was a huge surge in large transaction volume, which indicates whale activity. According to IntoTheBlock DataTON's large transaction volume has increased by 104% in the past 24 hours to reach $8.13 billion.
A spike in transaction volume often reflects increased activity of whales buying or selling. The rise in whale activity in TON coincides with a wave of short liquidations in the market.
At the time of writing, TON has risen 2.79% over the past 24 hours to $5.39, reflecting the current recovery in the cryptocurrency market, which has seen $127 million worth of short trades liquidated during this time frame, according to CoinGlass data.
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This increase in transaction volume reflects the growing interest and activity in Toncoin as traders take advantage of the current market recovery.
With large transaction volumes on the rise, Toncoin appears to be gearing up for its next major move. However, this may largely depend on the rise in the broader market and investor sentiment.
Pants crushed the market
Cryptocurrency prices rebounded after Monday's loss, with... Bitcoin (BTC) It rose to a high of $97,705 in today's session as traders weighed the latest batch of US inflation data, with more to come.
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A sudden surge in prices in the market sent short sellers fleeing. In the past 24 hours, short positions in the cryptocurrency market have been liquidated, with $127 million liquidated in the past 24 hours, according to CoinGlass data, as the price moved against them.
Short liquidations occur when traders betting that prices will fall are forced to buy back their positions at higher prices, creating a snowball effect that encourages price increases. This large liquidation added upward pressure to the market, causing the price to rise and trading volume to increase.
The Consumer Price Index (CPI) report scheduled for Wednesday could inject another wave of volatility into markets and provide more clues to traders about the Federal Reserve's policy path for this year.
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