Top Toncoin Whales Silently Accumulate 189,730 TON Despite Market Weakness

On-chain data shows the largest Toncoin whales have quietly been accumulating the asset while its price has continued to struggle.

In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the supply of the top whales on the Toncoin network. “Whales” popularly refer to the big-money investors of the cryptocurrency who tend to carry some degree of influence in the market. Here, the top whales are the 100 largest investors of this kind.

Below is the chart shared by Santiment that shows how the supply of these humongous entities has changed over the last few months.

As is visible in the graph, the Toncoin supply held by the top 100 addresses saw a decline during the last quarter of 2025 as the cryptocurrency sector as a whole saw a bearish shift. An especially sharp decline in the indicator came alongside the recovery surge in early January, suggesting that some big-money hands used the rally to exit the market.

Since that price surge, TON has seen continuous struggle, but interestingly, the top whales have changed their tune recently. From the chart, it’s visible that despite the consolidation that the cryptocurrency has been stuck in, the largest addresses have sharply increased their supply over the last couple of weeks.

Even before this uptick, the metric was in a gradual uptrend in the preceding couple of months. In total, the 100 largest wallets on the Toncoin network have loaded up on 189,730 tokens (worth about $244,900 right now) over the last three months. This reflects a rise of about 2.5% in their total supply.

While the accumulation isn’t terribly large in scale, the fact that the top 100 whales have chosen to accumulate rather than sell during the recent bearish phase may be a sign that large investors still have confidence in the asset. As the analytics firm explains:

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.

Though, while the top whales have been buying recently, things can often swing fast in the digital asset sector. As such, the supply of this cohort could still be to keep an eye on in the near future, especially in the case of a relief rally emerging.

At the time of writing, Toncoin is trading around $1.29, up about 2.8% over the past week.