TON Loses 24% of Its Market Cap, Yet Its Biggest Holders Are Buying More

Toncoin (TON) is down over 24% year-to-date. The altcoin has closed the last three consecutive months in the red as broader crypto market sentiment weakens and investor risk appetite fades.

Toncoin Monthly Price Returns. Source: CryptoRank

Despite this, Santiment highlighted that TON’s top 100 wallets have been net buyers throughout the entire drawdown. On-chain data reveals that the wallet addresses collectively added 189,730 tokens over the past three months.

“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,” the post noted.

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Adding a technical catalyst to the mix, the TON network activated the Catchain 2.0 upgrade this week. The upgrade reduces confirmation times to under 1 second, directly improving the usability of Telegram mini-apps, payments, and high-frequency on-chain activity.

This is step one of TON’s seven-phase “Make TON Great Again” roadmap, with fee reductions planned next.

Thus, the overall picture is cautiously bullish. Heavy whale accumulation and a major protocol upgrade offer positive signals. However, with the broader crypto market still under pressure, a sustained reversal may require macro sentiment to shift first.

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The post TON Loses 24% of Its Market Cap, Yet Its Biggest Holders Are Buying More appeared first on BeInCrypto.