Toncoin $TON price extended its 3-day winning streak above the $6.85 on Aug 10, gaining another 7% as bulls seek to build on positive momentum from Russia legalizing crypto mining. This comes in the wake of Russia’s recent legalization of crypto mining, a decision that has significantly impacted the broader cryptocurrency market.

Russia’s move to legalize crypto mining has particularly significant implications for Toncoin, as the project has deep roots in the Russian tech ecosystem. Originally developed by Telegram, a platform founded by the Russian-born Durov brothers, Toncoin was initially poised to serve as the backbone of Telegram’s blockchain ecosystem.

While Russia’s new legislation on crypto mining will not take effect until November, traders are already positioning themselves to capitalize on the anticipated market shifts. Bitcoin ($BTC ), in contrast, experienced a 28% upswing between August 5 and August 8, but its rally was tempered by a 4% correction at the time of publication on Aug 10.

This early price moves suggest that crypto traders expect Russia friendlier stance on crypto to have a bigger positive impact on Toncoin than Bitcoin.

Retail Traders Driving TON Rally Despite $5B Decline in Whale Demand:

Between August 7 and August 8, while TON’s price rose by another 7%, the volume of large transactions fell from 1.52 billion TON to 769 million TON. This drop indicates that whale demand has decreased by approximately $5.2 billion, based on the current price of $6.8 per TON.

Despite this decline in whale activity, the rising demand among retail investors suggests that the ongoing TON rally is driven by organic, widespread interest. This trend points to a persistent uptrend, supported by a broad base of smaller investors rather than large holders.

Key Points:

  1. Toncoin (TON) price extended its 3-day winning streak above the $6.85 on Aug 10.

  2. In the last 48-hours, TON has extended its 34% rebound from the market crash on Aug 5 by another 7%, meanwhile Bitcoin's 28% upswing has been subdued by a 4% correction.

  3. Rising demand among retail investors suggest TON price rally, is driven by organic widespread demand, hence the persistent uptrend.

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