Toncoin defies crypto crash as 1.1M TON exit exchanges

Toncoin (TON) is defying gravity while the rest of the crypto market printed red indexes all around. After a brutal downtrend that had almost every holder underwater, TON is making a comeback. This comes in when VCs dropped $400 million into Toncoin while it was struggling to keep up.

The global digital assets market cap dropped by more than 3% over the last day to stand at $2.76 trillion. Its 24-hour trading volume jumped by 19% to hit $90 billion, suggesting that traders are moving and dumping as sentiments turn bearish. On the other hand, Toncoin managed to gain by around 4% in the last 24 hours.

TON defies the slump

As per the data shared by IntoTheBlock, TON turned out to be one of the biggest gainers of the day after rebounding from a prolonged downtrend. The recent plunge had left nearly 100% of TON holders at a loss in early March, meanwhile, with the steady upswing 10% of its holders are back in profit.

It added that this resurgence coincides with a major outflow recorded. Around 1.1 million Toncoin left exchanges over the last day. It is an indication that whales are back at accumulation game.

TON price has jumped by over 12% in the last 7 days, while top cryptos like XRP and Ethereum have reported red indexes. TON is trading at an average price of $4.02 at the press time. Its 24-hour trading volume is up a whooping 76% to stand at $401 million. But, it is still down by 51% from its all-time high (ATH) of $8.24, recorded on June 15, 2024.

Pavel Durov’s TON bet is paying off

Pavel Durov, CEO of Telegram, recently announced that March comes to be a good month for The Open Network as the biggest names in venture capital invested over $400M into TON . This includes Sequoia, Benchmark, Ribbit, Draper, VY, and others.

He mentioned that the TON has become the backbone of the creator economy on Telegram over the past year. The app acts as an exclusive withdrawal method for millions of content creators and mini-app developers. It is also the only way to pay for Telegram Ads in most countries.

Coinglass data shows that around $1.73 million worth of long and short bets set on Toncoin price action got liquidated in the past 24 hours. $1.07 million worth of liquidated position (62%) turned out to be short bets. This suggests that traders were expecting the TON price to continue its decline, but fresh bullish activities helped it surge against the will.

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