The Toncoin price plunged below $5, marking a five-month low. The amount of holders at a loss has significantly increased.
Toncoin (TON) dropped 4% in the past 24 hours and is trading at $4.6 at the time of writing. This price level has not been seen since late March. Following the price fall, TON’s market cap declined to $11.6 billion, putting it behind Cardano (ADA) as the 12th-largest cryptocurrency.
The asset’s daily trading volume also decreased by 18% and is currently hovering at $300 million.
According to data provided by IntoTheBlock, 86% of TON holders, accounting for 45.4 million addresses, are currently facing increased losses. 8.3 million wallets accumulated the asset for an average price of $7.5.
At this price point, only 9.2% of the TON holders, around 4.9 million addresses, are still in profit despite the price fall, per data from ITB. The remaining holders are currently in a neutral zone with either a small profit or loss.
Data from ITB shows that the number of Toncoin’s daily active addresses increased by 5.3% over the past day, leading the chart with 3.19 million unique wallets.
Toncoin witnessed a total of $27.24 million in net outflows from centralized exchanges over the past week. This shows that the number of investors accumulating the asset is still dominating short-term traders.
Notably, only 5% of TON addresses have been holding the asset for over a year, according to ITB data. 62% have accumulated the token less than one year ago and 33% are traders with a holding time of less than one month.
Read the full article here