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Toncoin

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Toncoin is witnessing bullish sentiment for the first time after the recent price plunge amid declining whale transactions. 
According to <a href="https://app.intotheblock.com/coin/TON" target="_blank" rel="">data</a> provided by IntoTheBlock, the bullish sentiment around Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">TON</a>) has increased over the past 24 hours.&nbsp; 
TON recorded a 4.7% surge in the past 24 hours and is trading at $5.6 at the time of writing. The asset’s market cap surpassed the $14 billion mark, overtaking Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noreferrer noopener">TRX</a>) to become the ninth-largest cryptocurrency. 
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/TONUSDT_2024-08-29_13-13-27.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/TONUSDT_2024-08-29_13-13-27.png" alt="Toncoin turns bullish, whale transactions decline - 21"> 
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 TON price – Aug. 29 | Source: <a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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The native token of The Open Network saw a 99% increase in its daily trading volume, reaching $1.3 billion. 
Toncoin took a deep dive from $6.8 to $5.3 on Aug. 25 when Pavel Durov, the founder and CEO of Telegram, was arrested at an airport near Paris. Per a crypto.news report on Aug. 28, Durov faced six charges including terrorism and child abuse content, and is under <a href="https://crypto.news/telegram-ceo-pavel-durov-indicted-placed-under-judicial-supervision-in-france/" target="_blank" rel="noreferrer noopener">supervised release</a>. 
 You might also like: <a href="https://crypto.news/binance-saw-3-7b-worth-of-btc-eth-leave-in-30-days/"> Binance saw $3.7b worth of BTC, ETH leave in 30 days </a> 
Data from ITB shows that the number of whale transactions consisting of at least $100,000 worth of TON declined from 2,100 on Aug. 26 to 864 on Aug. 28 as the bearish momentum around the asset showed signs of a cooldown. 
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 <picture loading="lazy" decoding="async" class="wp-image-14294782"> 
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 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/08/ITB_ton_number_of_large_transactions_ton_2024-08-29T08_43_57.635Z.png" alt="Toncoin turns bullish, whale transactions decline - 22"> 
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 <figcaption class="wp-element-caption">
 TON whale activity – Aug. 29 | Source: <a href="https://app.intotheblock.com/coin/TON" target="_blank" rel="">IntoTheBlock</a>
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Moreover, the number of TON tokens in retail addresses — holding less than 0.1% of the asset’s supply — increased from 438 million to 591 million coins, marking a new all-time high.&nbsp; 
At this point, the Toncoin whale concentration has declined by 3%, dropping to 88% of the total supply. 
On Aug. 27, the number of TON daily active addresses <a href="https://crypto.news/tron-toncoin-daily-active-addresses-surge-amid-price-fall/" target="_blank" rel="noreferrer noopener">reached</a> an ATH of 2.23 million unique wallets with 43.82 million non-zero addresses. 
 Read more: <a href="https://crypto.news/ton-blockchain-resumes-operations-following-dogs-fuelled-outage/"> TON blockchain resumes operations following DOGS fuelled outage </a>

Toncoin turns bullish, whale transactions decline

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