According to U.Today, Toncoin, the native cryptocurrency of The Open Network (TON), a decentralized layer-1 blockchain, has experienced a remarkable 983.31% increase in large transaction volume. This metric is a significant indicator of whale activity. Large transactions, which exceed $100,000, suggest heightened activity among institutional buyers and sellers. Data from IntoTheBlock reveals that TON's large transaction volume amounted to $4.1 million, equivalent to 559,590 TON in cryptocurrency terms.
At the time of the report, TON had risen 1.86% in the previous 24 hours to $7.29. This occurred as the market showed mixed price activity ahead of the release of fresh inflation data for June in the form of the producer price index, which monitors wholesale prices. Despite investors analyzing the recent inflation data and its potential implications for interest rates, the cryptocurrency market continued to witness fluctuating price movements.
This fluctuation occurred as the June consumer price index unexpectedly dropped 0.1% from the previous month, reaching 3% on an annual basis, its lowest level in over three years. Economists from Dow Jones predict the inflation metric to increase 0.1% from May and 3.1% from the previous year. Core CPI, excluding food and energy prices, rose 0.1% monthly and 3.3% annually, slightly lower than anticipated.
Investors are keenly observing data that suggests inflation is returning to the Federal Reserve's 2% target, as this could indicate potential interest rate cuts. Expectations for the Federal Reserve to ease monetary policy as early as September have risen following the release of the CPI data, with traders pricing in a more than 90% chance of rates being reduced at that time.
