Following a robust performance in November, Toncoin (TON) continued its bullish trajectory this week. However, the rally has encountered considerable resistance as investors adopted a more cautious stance. Consequently, Toncoin has experienced a sharp decline in wallet profitability, with only 65% of wallets currently in profit. This represents a notable fall from the 90% peak observed just a week ago.
The latest data from IntoTheBlock suggests that 25% of Toncoin wallets are now operating at a loss, with a further 11% merely breaking even. This shift underscores the recent volatility in Toncoin’s market price, which has negatively impacted profitability for many holders.
Ownership trends highlight that the vast majority of Toncoin holders, around 85%, have held the coin for less than a year, with 12% acquiring it within the past month. Long-term holders, defined as those who have held the asset for over a year, comprise a mere 3%. This ratio indicates the prevalence of short-term traders within the Toncoin ecosystem.
Trading activity also revealed an intriguing geographical pattern, with 61% of Toncoin transactions taking place during Western trading hours and the remaining 39% occurring during Eastern hours. Over the past week, the network processed over $51.97 billion worth of high-value transactions exceeding $100K.
In spite of this robust activity, Toncoin’s price has fallen 8.41% over the past 24 hours and is currently trading at $5.93. The cryptocurrency’s market capitalization stands at $15.12 billion. However, trading volume soared by 142%, reaching $779.6 million. This increase suggests continued market interest, despite the challenges brought on by recent price swings.
Furthermore, analysts at CryptoQuant suggest that the cryptocurrency could witness a substantial rally and potentially reclaim its previously established peak. They base their prediction on strong fundamentals, which include an active development team and a thriving network. This optimism amidst the current market turbulence could potentially guide Toncoin’s future trajectory and prove instrumental in the coin’s recovery.
