Whales Toncoin Reaches More Than IDR 5.6 Trillion In A Week, TONS Exceed Dogecoin

Whales Toncoin reaches more than IDR 5.6 trillion a week, tonton past Dogecoin (Photo; Doc. Ramzarz)

JAKARTA - Toncoin recorded a massive accumulation by whales in the past week. Based on on-chain data, the whales have purchased more than 45 million TON tokens worth more than 342 million US Dollars (approximately IDR 5.6 trillion) in that period.

According to CCN information, Toncoin (TON) is now approaching its 20 billion US Dollar market cap (around Rp327 trillion) and has the potential to re-test its record high of 8.19 US Dollars (around Rp134.217). Analysts highlight that although Telegram has low daily/monthly users, Toncoin is considered to be too high in value.

The increase in whales activity in TON's massive purchases has had a significant positive impact on TON prices, which managed to outperform Dogecoin's market cap and ranks 8th as the largest cryptocurrency by market cap.

Currently, TON trading at 8.06 US Dollars (approximately IDR 132,087), has increased by more than 6% in the last 24 hours. During the month, TON has risen 25%, adding about 5 billion US Dollars (approximately IDR 81.9 trillion) in market capitalization since June 2, 2024.

However, there is a view from a number of analysts that Toncoin's success may not be sustainable, and its momentum could weaken in the near future. Some are questioning high valuations of TONS given its low daily and monthly active user data compared to other major platforms such as Facebook, Twitter, and WeChat.

While Telegram has a wide global reach with more than 900 million users and a native crypto wallet, some analysts doubt that Toncoin's distribution can be maintained in the long term. Data from the Artemis on-chain platform show that the number of daily active TON wallet addresses is also relatively low, even in May 2024 Toncoin only temporarily outperforms Ethereum in this metric before falling back.

While Toncoin has attracted attention through P2E ecosystem games such as Notcoin and Hamster Kombat, this success may not be enough to avoid possible price corrections.