Are Whales Manipulating The Price of Tellor (TRB)?
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Tellor (TRB) has shown the most dramatic price action in the last 24 hours. Due to that, both longs and shorts have been liquidated. The liquidation amount in the past 24 hours stands at $68 million. Are whales manipulating the TRB price?
Since late last week, TRB has been the center of attention. This is because it has exhibited an extremely volatile price action that has sparked speculation about potential manipulation in the market.
Did the Tellor (TRB) Team Sell the Top?
On New Year’s Eve, firstly, the coin soared from $232 to an all-time high of $629. Then, TRB sharply crashed to a low of $121. As of writing, it is trading 80% above its lows, at $222.
As a result, TRB has been the crypto asset with the most liquidations in the past 24 hours, surpassing flagship cryptocurrencies such as Bitcoin and Ethereum. The screenshot below shows that TRB traders lost over $68 million to liquidations in the past 24 hours.
Specifically, long trades totaling $24.51 million were liquidated, while short trades worth $43.50 million faced the wrath of liquidation.
On-chain analytical platform Lookonchain shared on X (Twitter) that the Tellor team deposited 4,211 TRB tokens worth $2.4 million to Coinbase. The time of the deposit almost coincided with TRB hitting its top and then crashing around 70% within a couple of hours.
Some allege that it’s one of the biggest manipulations and would ignite fear in the market.
Read more: What Is FUD? Exploring Fear, Uncertainty, and Doubt
Moreover, the screenshot below shows that just 14 whale wallets control 76% of the token supply. IntoTheBlock defines TRB whale as:
“An address that owns more than 1% of the circulating supply.”
Due to the high concentration of supply with whales, there are risks of pumps and dumps in a token.
Read more: What Getting ‘Rekt’ Means: A Crypto Term Explained
Do you have anything to say about the possibility of whales manipulating TRB price or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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