Toncoin (TON) has displayed continuous momentum throughout the year, establishing itself as a significant participant in the realm of cryptocurrency, particularly in terms of whale transactions. The cryptocurrency market is currently in a phase of balancing between altcoins on a downward trend and those maintaining an upward trajectory, with Toncoin firmly positioned in the latter category. As per insights from renowned cryptocurrency analyst Ali Martinez, the altcoin is witnessing a notable surge in whale transactions.

Remarkable Surge in Whale Transactions

Martinez's analysis reveals a remarkable surge in whale transactions associated with Toncoin, recording a staggering increase of over 200% in a single day. Whale transactions, defined by IntoTheBlock as those exceeding $100,000, spiked from a mere five transactions in the preceding week to 27 by June 3. This surge in high-value transactions signifies substantial interest from major investors, potentially influencing the altcoin's price dynamics.

Whale transactions wield significant influence in the cryptocurrency market as they have the capacity to diminish the circulating supply of the altcoin, paving the way for a potential supply shortage. When this reduced supply intersects with sustained or rising demand, it typically propels the price upwards.

Presently, Toncoin's core asset TON is trading at $6.79, reflecting a 2.76% increase in the last 24 hours.

Despite the price uptick, Toncoin's daily trading volume has plummeted by over 58% to $208.46 million. This decrease in trading volume, juxtaposed with the upsurge in whale transactions, does not alter the fact that significant investors are amassing TON. Should this trend among whales persist, the price is anticipated to climb further.

Impact of Notcoin on Toncoin

An influential catalyst driving the escalated whale activity in Toncoin has been the market frenzy surrounding Notcoin (NOT), a token that debuted on The Open Network in May. Notcoin swiftly garnered attention as both a memecoin and a play-to-earn (P2E) asset, reaching a record high of $0.02896, showcasing a 201% growth over the past week.

The investor fervor surrounding Notcoin contributes to the heightened activity in Toncoin as investors strive to leverage the potential of the broader ecosystem.

Toncoin maintains a prominent position among the top 10 largest-cap cryptocurrencies, sharing this status with other leading altcoins. It notably displaced Shiba Inu (SHIB) from this prestigious group, underscoring Toncoin's expanding influence and market capitalization.