Whale Trading Drives Tellor (TRB) Price Surge by 360% in a Month
A surge in whale transactions accumulating large amounts of Tellor (TRB) tokens has been observed since August 2023.
Whale Trading Drives Tellor (TRB) Price Surge by 360% in a Month. Image: IStock
According to Lookonchain intelligence, several whale wallets have conducted significant transactions involving Tellor (TRB) since August. The price of TRB has spiked by an astounding 360%, rising from $10 to $46 in just one month.
The analysis of individual whale wallets reveals one holder with 540,777 TRB, equivalent to $21.24 million USD, accounting for 22% of the total token supply. Starting from August 30th, they withdrew 872,602 TRB ($34.3 million USD, 36% of the total supply) from exchanges. Subsequently, they deposited 331,825 TRB ($13 million USD) onto Binance on September 4th, 9th, and 15th.
1/ The price of $TRB has increased by 360% from $10 to $46 in the past month.
— Lookonchain (@lookonchain) September 16, 2023
A whale has accumulated 540,777 $TRB ($21.24M) since Aug 30, 22% of the total supply.
4 whales withdrew a total of 181,657 $TRB ($7.14M) from #Binance on Sept 14, 7% of the total supply. pic.twitter.com/WUaIlfDXGA
Additionally, data from Lookonchain discloses four other whales moving a total of 108,373 TRB, equivalent to $4.26 million USD and 7% of the supply, off Binance on September 15th.
2/ This whale started withdrawing $TRB from exchanges on August 30 and has withdrawn a total of 872,602 TRB ($34.3M), 36% of the total supply.
— Lookonchain (@lookonchain) September 16, 2023
Then deposited 331,825 $TRB ($13M) into Binance on Sept 4, Sept 9, and Sept 15.https://t.co/YNZ1cGses2 pic.twitter.com/EIxLqwowHr
The impact of these actions has been profound. Starting from August 30th, TRB has experienced significant price volatility, fluctuating from $14.45 to $46.3.
At the time of writing, TRB is trading around $26.08, marking a 32% decrease in the past 24 hours. However, TRB continues to show strong weekly performance, with a 75.83% increase.
1D chart of TRB/USDT pair on Binance at 09:00 AM on September 18, 2023
On a broader scale, spot trading volume remains modest at $184 million USD, while derivatives volume approaches $6.8 billion USD. The market capitalization of TRB stands at approximately $45 million USD, ranking it as the 368th largest cryptocurrency by market cap.
Derivatives trading statistics for TRB by Coinglass
Today's article serves as a notable example reflecting the influence and market-moving capabilities of large players, or whales, on coin trends. Above all, it serves as a reminder of the challenges, risks, and opportunities that this market presents.
