Tellor (TRB) went on a rollercoaster up to now 24 hours, with its worth experiencing a surge and a drop that’s corresponding to that of worth manipulation. Consequently, the crypto surged to over $600 within the late hours of 2023 earlier than crashing all the way down to $137.
In line with information from CoinGlass, TRB witnessed extra liquidated positions than another crypto inside this time interval, with whales exiting each lengthy and quick positions amidst rumors of manipulation.
Wow $TRB pic.twitter.com/TgYqWNtC0u
— Tony “The Bull” (@tonythebullBTC) December 31, 2023
TRB Value Motion And Liquidation
TRB has been on a gentle worth enhance for the reason that starting of the month. This enhance was significantly exacerbated on December 31, pushing the crypto to a brand new all-time excessive of $602, and a 1000% enhance in buying and selling quantity, in keeping with Coinmarketcap information. Nevertheless, this worth surge didn’t final quite a lot of hours, as TRB plummeted to $139.
This worth volatility noticed TRB lead the market in liquidations on each lengthy and quick positions. In line with CoinGlass, the crypto market noticed a complete of $227 million liquidated positions up to now 24 hours, with TRB main with $73.93 million, fairly uncommon for such a low market cap altcoin. ETH and BTC adopted with $24.7 million and $22.74 million price of liquidated positions.
Whereas the explanation for the astounding worth spike is unclear for the time being, the next crash has been attributed to cost manipulation from the Tellor workforce. In line with a publish on X (previously Twitter) by Lookonchain, the Tellor workforce deposited 4,211 TRB price roughly $2.4 million on Coinbase as the worth skyrocketed.
Previously 24 hours, $TRB soared to $600 after which plummeted to $137, inflicting $68M of belongings to be liquidated, making it essentially the most liquidated token.
We observed that the #Tellor workforce deposited 4,211 $TRB($2.4M) after the worth of $TRB skyrocketed.
Handle:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
— Lookonchain (@lookonchain) January 1, 2024
Tellor worth suffers 75% crash following huge surge | Supply: TRBUSD on Tradingview.com
Value manipulation is actually not a brand new phenomenon within the crypto business, particularly amongst low market-cap altcoins. The switch into Coinbase has acquired buyers questioning a few selloff from the workforce, as TRB crashed within the hours after. Nonetheless, this stays a hypothesis at this level.
TRB is the utility token for Tellor, a decentralized oracle community that gives real-world information to blockchain-based sensible contracts. TRB largely traded beneath $15 for almost all of the yr. Issues began to get scorching in September because the cryptocurrency began to exhibit a really excessive stage of volatility at this level. TRB kickstarted a sustained worth surge in the midst of September that noticed it attain $140 on November 9. After reaching this level, it went by means of a worth dip all through the month to the tip of November at round $77.
December noticed a change in momentum, with worth motion indicating a gentle surge for the reason that starting of the month. On the time of writing, TRB is buying and selling at $191, nonetheless up by 143% in a 30-day timeframe.
Featured picture from Cryptimi, chart from Tradingview.com
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