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 TONs 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. 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 TONs seven-phase Make TON Great Again roadmap, with fee reductions planned next. The TON blockchain just got upgraded and is now 10 faster.Block rate increased 6. Transactions are now instant, subsecond.This was step 1 of 7 to Make TON Great Again (MTONGA). Next step: cut the already low transaction fees by 6. Pavel Durov (@durov) April 9, 2026 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.