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On-chain data indicates that the largest Toncoin holders have been accumulating the asset even as the token’s price has struggled to sustain momentum.
In a post on X, on-chain analytics firm Santiment highlighted a recent shift in the supply held by the top Toncoin whales—defined as the 100 largest investors on the network.
According to the chart Santiment shared, the combined supply held by these top 100 addresses declined during the last quarter of 2025, coinciding with a broader bearish turn across the cryptocurrency sector. The sharpest drop occurred alongside the recovery surge in early January, suggesting that some large holders may have used the rally to reduce exposure.
Since that early-January period, Toncoin’s price has continued to face difficulty, but the whale behavior has changed. The chart shows that, over the last couple of weeks, the largest addresses have increased their Toncoin supply despite the token’s consolidation.
Santiment’s data shows that, over the past three months, the 100 largest wallets on the Toncoin network loaded up on 189,730 tokens, worth about $244,900 at the time of reporting. This represents an increase of roughly 2.5% in their total supply.
While the accumulation is described as not “terribly large” in scale, Santiment frames the pattern—top whales accumulating rather than selling during a recent bearish phase—as a sign that large investors may still have confidence in Toncoin.
Even with the 29 ranked coin in crypto losing two thirds of its market cap since its local top in early August, 2025, this heavy accumulation is a promising sign that a relief rally may come quickly once crypto markets finally turn the page from this bear cycle.
At the time of writing, Toncoin was trading around $1.29, up about 2.8% over the past week. The article also notes that the coin’s price surged over the last 24 hours.

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