Toncoin is in trouble as the market swings have hit profitability hard. With 35% of wallets now showing a loss, it’s clear that the volatility is taking its toll.
Market ups and downs
After a pumpy November, Toncoin extended its bullish streak earlier this week, but investors are getting a bit jittery.
This caution has led to a bigger-ish drop in wallet profitability, only 65% of addresses are currently in the green, a sharp decline from the 90% peak just a week ago.
If we take a look at the numbers, we can see that 25% of Toncoin wallets are now at a loss, while 11% are barely breaking even, so this means one third of the holders are in red.
This shift shows in a straightforward way how price volatility has affected many holders’ bottom lines.
Who’s holding Toncoin?
Ownership trends show that most Toncoin holders, about 85%, have only been in the game for less than a year, and in fact, 12% of them buyed their coins within the last month alone.
Long-term holders, those who’ve held onto their assets for over a year, make up just 3% of the community, so it looks like short-term traders are calling the shots here.
When it comes to trading activity, there’s an interesting geographic twist, because 61% of Toncoin transactions happen during Western trading hours, while 39% occur during Eastern hours.
Over the past week, the network has seen more than $51.97 billion in high-value transactions exceeding $100k.
Future outlook, bright or cloudy?
Despite all this trading action, Toncoin’s price has dipped by 8% in the last 24 hours and is now sitting at around $5.9 in the time of writing.
Its market cap stands at approximately $15.12 billion, but trading volume has skyrocketed by 142%, hitting $779.6 million, and this signals that interest in Toncoin remains strong despite the market challenges.
Analysts at CryptoQuant believe that Toncoin could be poised for a bigger rally soon, possibly reclaiming its previous highs thanks to strong fundamentals, including an active development team and a busy network.
