Tellor (TRB), a lesser-known cryptocurrency, suddenly gained attention when its value skyrocketed by almost 150%, peaking at $619. However, it quickly dropped back down to $136 within 13 hours.
On December 31, there was an intense trading activity for Tellor (TRB), leading to a loss of over $68 million in leveraged trades. Additionally, a $2.4 million payment from the Tellor team to Coinbase has raised more questions and worries.
The trading patterns of Tellor raised eyebrows when data from Etherscan revealed that the Tellor group moved 4,211 TRB tokens, valued at about $2.4 million, to a Coinbase account right when the token’s value surged around 8:41 pm UTC.
Tellor’s price decline led to over $68 million in losses for traders, as reported by CoinGlass data. This information was later highlighted by Lookonchain on January 1 on X.
The blockchain analysis firm, Spot on Chain, stated that the dramatic price fluctuations of TRB might be because 95% of its available supply is controlled by only 20 large holders, often referred to as “whales.”
These whales started buying TRB when its price was around $15. Over time, they have been moving their TRB to major exchanges in a way that creates unusual price changes, likely to increase their profits.
Also Read: Cardano Leads Altcoin Surge Amidst Bitcoin’s Steady Performance
