Toncoin (TON) Wallet Profitability Dips as Market Volatility Increases

Estimated read time 2 min read

Building on a strong November, Toncoin (TON) extended its bullish run this week. But the rally has faced significant resistance as investors turned to caution.

As a result, Toncoin has witnessed a sharp decline in wallet profitability, with only 65% of addresses now in profit – a stark drop from the 90% peak recorded just a week ago.

The latest IntoTheBlock data indicates that 25% of Toncoin wallets are currently at a loss, while 11% remain at breakeven. This shift highlights the recent turbulence in Toncoin’s market price, affecting profitability for many holders.

Ownership trends revealed that the majority of Toncoin holders – 85% – have held the coin for less than a year, with 12% acquiring it within the past month. Long-term holders, those holding the asset for over a year, account for only 3%, suggesting the dominance of short-term traders in the Toncoin ecosystem.

Meanwhile, trading activity also depicted an interesting geographic pattern, with 61% of Toncoin transactions occurring during Western trading hours, leaving 39% during Eastern hours. Over the past week, the network saw over $51.97 billion worth of high-value transactions exceeding $100K.

Despite this strong activity, Toncoin’s price has dipped 8.41% over the past 24 hours, now trading at $5.93. The cryptocurrency’s market capitalization currently stands at $15.12 billion. Meanwhile, trading volume surged 142%, reaching $779.6 million, pointing to sustained market interest despite the challenges posed by recent fluctuations.

Besides, CryptoQuant analysts suggest that the cryptocurrency could see a meaningful rally and even reclaim its previously established peak based on ” strong fundamentals, including an active development team and an active network.”

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Source link

You May Also Like

More From Author

+ There are no comments

Add yours