Toncoin, Quant Seeing Whale Activity Explosion, Big Move Ahead?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Toncoin and Quant are two altcoins that have witnessed a surge in whale transactions recently, something that could foreshadow volatility for their prices. Toncoin & Quant Have Seen A Spike In Whale Transaction Count

In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the Whale Transaction Count for two altcoins: Toncoin (TON) and Quant (QNT).

This indicator measures the total amount of transfers occurring on a given network that are carrying a value of more than $100,000. Generally, only the big-money investors or “whales” are capable of making transfers this large, so the metric’s value is considered to correspond to the activity from this cohort.

These holders generally carry some degree of influence in the market, so whenever they are on the move, the market itself could experience fluctuations. This can make their activity worth keeping an eye on. Related Reading Bitcoin’s Most Resolute Diamond Hands Are Only Growing Older, Data Shows 1 day ago

Below is the chart shared by Santiment that shows how the Whale Transaction Count has changed for Toncoin and Quant over the last few months. The value of the metric appears to have spiked for both of the altcoins | Source: Santiment on X

As is visible in the graph, the Whale Transaction Count has seen a large spike for both Toncoin and Quant recently, suggesting the whales have been active on the networks. Interestingly, despite being the much bigger network in terms of market cap, TON’s spike has only amounted to a value of 3, while QNT has observed the metric touch the 24 mark.

That said, the small value that Toncoin has witnessed is still high when compared to the past. In fact, only one spike in the last three months has been compared to this one. In contrast, Quant has seen a few spikes of a similar scale. Thus, it would appear that whales just tend to be less active on TON in general.

As for what the spikes could imply for the altcoins, price volatility may be coming, if the past is to go by. “Historically, large spikes in $100K+ sized moves foreshadow price direction changes,” explains the analytics firm.

These changes, however, can occur in either direction. Whale Transaction Count only counts up the number of moves that the large entities are making and doesn’t contain any information about the breakdown between buy and sell moves. Related Reading Cardano Pushes Past $0.85: Falling Wedge Breakout Confirmed? 1 day ago

As such, it’s always hard to tell whether a spike in whale activity is bullish or bearish for the asset’s value. The whales being active on the Toncoin and Quant networks could only suggest that some sort of sharp price action may be on the horizon. TON Price

At the time of writing, Toncoin is floating around $3.1, down around 1.6% over the last seven days. The price of the coin appears to have been moving sideways over the last few days | Source: TONUSDT on TradingView Featured image from Dall-E, Santiment.net, chart from TradingView.com