Whale Toncoin Buys Token Worth IDR 1.1 Trillion To Save Value

Whale Toncoin buys tokens worth IDR 1.1 trillion to save value (Photo; Doc. Eth News)

JAKARTA - Toncoin (TON), one of Telegram's affiliated crypto assets, is back in the spotlight after massive purchases by "whales" or large investors. Recent data show that more than 13.83 million Toncoin tokens, equivalent to about 72 million US Dollars (Rp1.1 trillion), have been acquired by these large shareholders. This action shows significant buying pressure, although Toncoin has recently experienced a price drop in recent months.

According to data from IntoThe Block, the net inflow from big stockholder Toncoin has increased by 44% in the past week. These large holders, who control 1% of Toncoin's total supply, have a major influence on price movements.

As their net inflows rise, as happened to Toncoin, it indicates that large investors are accumulating more assets than selling them. As of October 16, "whales" have amassed more than 13.83 million tokens with a value of 72 million US Dollars (Rp1.1 trillion). This decision reflects the growing trust among the holders that Toncoin will again creep up after the correction period.

Not only did there be a spike in accumulation by large investors, but Toncoin's storage time has also increased. This storage time measures the duration of assets stored before being sold, and the increase in this metric often reflects investor confidence in the asset's long-term prospects.

This increase in storage time coincides with a reduced selling pressure, which can drive the momentum of further purchases and open up opportunities for rising Toncoin prices.

As of this article, the price of Toncoin increased by 0.7% to 5.24 US Dollars (Rp81,010), with market capitalization reaching 13.29 billion US Dollars (Rp205 trillion). Historically, Toncoin found a strong support point at the level of 5.05 US Dollars (Rp78,073), which has managed to contain further price declines.

If this level persists, the next target price is predicted to be around 5.80 US Dollars (Rp89,668). However, if the buying pressure continues to rise, there is an opportunity for Toncoin to penetrate this resistance and reach a price of 6.75 US Dollars (Rp104,355). On the other hand, if the "beams" manage to reduce prices, it is likely that Toncoin could return below 5 US Dollars (Rp77,300).

With the massive buying action of large investors and increasing storage time, Toncoin is currently at an important crossroads. Strong buying pressure has the potential to push prices higher in the near future. However, investors must remain vigilant against potential corrections that could occur if the selling pressure increases.