In a significant move that has drawn curiosity in the digital asset market, more than 240,000 Toncoin have been moved to exchanges in the past week. This substantial activity has triggered rumors about potential trading strategies and market movements.
Over 240,000 TON hits exchanges
Today, crypto trader Ali Martinez shared data that disclosed a massive increase in Toncoin inflows into major exchanges. Typically, huge token transfers to exchanges lead to wild price fluctuations in the market, making this activity significant for investors and traders.
This trend indicates that investors are adjusting themselves for potential offloading for profit-taking or selling for other agendas and strategic moves.
According to the latest Coinglass data, Toncoin has seen its OI (Open Interest) in the futures market plunge to $25 million, marking its lowest point in the past 10 months. OI, which gauges the total value of excellent futures contracts, is a crucial indication of market sentiment.
The decline in Open Interest indicates decreased Toncoin’s market activity and increased volatility. The fall in Open Interest coincides with massive inflows of Toncoin tokens into exchanges and a significant decrease in user activity and price.
Ton price updates
Toncoin price has been in a correction trend for the past month as indicated by its price, which has been down 13.2% for the last 30 days. However, market analysis shows that the altcoin appears to be making some recovery despite being in the downside momentum.
While its price experienced a 5.80% decrease in the last seven days, it saw a 2% decline in the past 24 hours, currently trading at $4.87. These latest movements signal that TON is likely to witness a potential uptrend as buying pressure seems rising.
Last year, user demand for Toncoin and its rival Ethereum decreased as traders shifted their focus to new projects. However, every decline presents an opportunity for a rebound. As a result, Toncoin recently announced a new solution called Elluminex to revamp user trading experience.
TON is a major blockchain network that boasts a whopping $12.08 billion market cap, placing it as the 14th largest virtual currency in the entire crypto ecosystem. Despite this popularity, it lacks an integrated DeFi solution.
The introduction of Elluminex, an innovative, unified DeFi platform, is set to solve this problem in the Toncoin blockchain. Elluminex is poised to address significant challenges, spur adoption, and push the Toncoin protocol to higher heights.
