Toncoin and Quant are two altcoins that have witnessed a surge in whale transactions recently, something that could foreshadow volatility for their prices.
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.
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.
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.
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.
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.
At the time of writing, Toncoin is floating around $3.1, down around 1.6% over the last seven days.
