Tellor, a decentralized oracle protocol essential for updating off-chain data in on-chain smart contracts, has been a standout player in the dynamic landscape of blockchain technology.
In the final quarter of 2023, TRB embarked on an impressive bull run, witnessing a remarkable 2000% surge, fueled in part by intense whale activity. However, recent developments indicate a substantial downturn for TRB, marked by a significant sell-off by major participants.
Today, TRB’s price exhibited extraordinary volatility, soaring from $200 to an all-time high (ATH) of $602.98, only to experience a sharp decline, plummeting to as low as $130. The current price hovers around $191, reflecting a substantial 32% decline. Notably, TRB’s contract liquidation surpassed $60 million during this period, making it the coin with the largest liquidation amount in both the past 12 and 24 hours.
Today, the price of TRB once soared from $200 to over $600, and then fell sharply to $155. During this period, the TRB contract liquidation exceeded $60 million, becoming the coin with the largest liquidation amount in the past 12h and 24h. https://t.co/YQ6p9AZeYG pic.twitter.com/964Hv8pQgM
— Wu Blockchain (@WuBlockchain) January 1, 2024
TRB Massive Token Movement To Watch
Insights from Lookonchain unveiled that the Tellor team deposited 4,211 $TRB ($2.4 million) following the rapid surge in TRB’s price, adding an intriguing dimension to the unfolding events.
In the past 24 hours, $TRB soared to $600 and then plummeted to $137, causing $68M of assets to be liquidated, making it the most liquidated token.
We noticed that the #Tellor team deposited 4,211 $TRB($2.4M) after the price of $TRB skyrocketed.
Address:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
— Lookonchain (@lookonchain) January 1, 2024
Amid the initial pump, Spotonchain reported that a significant whale maintains majority liquidity, while on-chain activity remains relatively low. Negative funding rates observed on most exchanges suggest the potential for further price surges, as traders aim to liquidate short positions, gradually depositing tokens to clear them out.
🚨🚨 $TRB has skyrocketed by 75% ($500M market cap added) in just one day, with no significant changes since our last post.
The reported whale retains the majority liquidity, and on-chain activity remains low. Negative funding rates on most exchanges suggest the potential for… https://t.co/VjT9ZNmC2i pic.twitter.com/sfIVpLVC56
— Spot On Chain (@spotonchain) December 31, 2023
The volatility in TRB’s price highlights the challenges and opportunities present in the cryptocurrency market, where rapid surges and subsequent corrections are not uncommon. Traders and enthusiasts closely monitor these fluctuations, seeking insights into the underlying dynamics that drive market movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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