Tellor’s native token, TRB, experienced an outstanding slump, seeing a sharp decline of more than 30% as of now. The token’s value plunged from around $143 to $86 during this period, raising concerns among investors and traders.
The unexpected price decrease seems, by all accounts, to be connected to significant deposits of TRB on the cryptocurrency exchange Binance. Twitter reports from Spot On-Chain featured two huge transactions including TRB deposits to Binance, both likely from a similar entity.
The whale realized a small profit of $28K from $TRB if truly sold now. His profit was once $3.72M before the dump.
— Spot On Chain (@spotonchain) November 9, 2023
Multiple Whales Engages In Massive Binance Deposits
The primary individual, associated with the addresses 0xc75 and 0x8fe, deposited a considerable measure of TRB — 85,018 tokens valued at $9 million. At the same time, another unmistakable TRB holder with the address 0x75c still held 63,415 TRB, comparable to $5.88 million.
After about 25 minutes, another whale, recognized by the address 0x1d3, deposited 72,240 TRB, adding up to $6.42 million, on Binance. In the hypothetical situation of prompt selling, this whale would have accumulated an unassuming profit of $28,000.
Furthermore, within a range of 45 minutes, a cumulative complete of more than 155,000 TRB, valued in the millions of dollars, moved into Binance. This deluge of tokens, combined with the potential selling pressure from these whales, has contributed to the significant 30% decline in TRB’s price.
$TRB Reacts To The Large Whale Exchange Deposits
Market analysts frequently decipher large deposits on exchanges as a signal of reducing market confidence, proposing a possible intention to sell the deposited assets. Due to this, the reaction from the market has been negative up until this point, with TRB right now trading at around $96, subsequent to falling more than 30% as of now from $142 levels.
As Tellor’s TRB explores this time of uplifted instability, market participants will be intently monitoring whale exercises and exchange developments for bits of knowledge into the token’s short-term direction.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.