By Nermeen Nabil Khear 
Building on a strong November, Toncoin (TON) extended its bullish run this week. But the rally has faced significant resistance as investors turned to caution.
As a result, Toncoin has witnessed a sharp decline in wallet profitability, with only 65% of addresses now in profit – a stark drop from the 90% peak recorded just a week ago.
The latest IntoTheBlock data indicates that 25% of Toncoin wallets are currently at a loss, while 11% remain at breakeven. This shift highlights the recent turbulence in Toncoin’s market price, affecting profitability for many holders.
Ownership trends revealed that the majority of Toncoin holders – 85% – have held the coin for less than a year, with 12% acquiring it within the past month. Long-term holders, those holding the asset for over a year, account for only 3%, suggesting the dominance of short-term traders in the Toncoin ecosystem.
Meanwhile, trading activity also depicted an interesting geographic pattern, with 61% of Toncoin transactions occurring during Western trading hours, leaving 39% during Eastern hours. Over the past week, the network saw over $51.97 billion worth of high-value transactions exceeding $100K.
Despite this strong activity, Toncoin’s price has dipped 8.41% over the past 24 hours, now trading at $5.93. The cryptocurrency’s market capitalization currently stands at $15.12 billion. Meanwhile, trading volume surged 142%, reaching $779.6 million, pointing to sustained market interest despite the challenges posed by recent fluctuations.
Besides, CryptoQuant analysts suggest that the cryptocurrency could see a meaningful rally and even reclaim its previously established peak based on ” strong fundamentals, including an active development team and an active network.”
The post Toncoin (TON) Wallet Profitability Dips as Market Volatility Increases appeared first on CryptoPotato.
Recent market fluctuations have caused a significant decrease in Toncoin wallet profitability, with 25% of wallets at a loss. AA News, Crypto News, Toncoin (TON)
This articles is written by : Nermeen Nabil Khear Abdelmalak
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