Connect with us
Active Currencies 14444
Market Cap $2,677,956,892,112.60
Bitcoin Share 50.53%
24h Market Cap Change $0.23

How Tellor made a splash in the bear market

2min Read

Tellor’s remarkable price surge sparks questions about whale involvement and its impact on market dynamics and sentiment.

Share this article

  • TRB experienced an extraordinary 360% price surge, with suspicion falling on significant whale accumulation.
  • Social media buzz around TRB skyrocketed during this period.

In a month marked by bearish trends across the crypto market, Tellor [TRB] defied the odds, showcasing an impressive 360% surge in price. This unprecedented price rally raised questions, with suspicions turning toward whale activity.


Realistic or not, here’s TRB’s market cap in BTC terms


According to data from lookonchain, a whale made a significant move by accumulating 540,777 TRB tokens. This amounted to approximately $21.24 million.

The accumulation started on 30 August. This accumulation represented a substantial 22% of the total TRB supply. Such pronounced whale involvement triggered discussions regarding its potential impact on TRB’s price dynamics and market sentiment.

A Game of withdrawals and deposits

However, the whale’s actions were not limited to withdrawals; they also deposited 331,825 TRB (approximately $13 million) into Binance on 4 September, 9 September, and 15 September. This pattern of large withdrawals and deposits added to the intrigue surrounding TRB’s price surge, with the crypto community closely monitoring these moves for potential market effects.

While TRB’s price was trading at $39.18 at the time, indicators like the declining Relative Strength Index (RSI) and falling Chaikin Money Flow (CMF) hinted at a potential slowdown in bullish momentum.

Source: Trading View

A surge in popularity

The surge in TRB’s price brought about heightened social media activity, with social mentions surging by 326%, and engagement around the token increasing by 85.2%, according to LunarCrush’s data. This surge in online activity contributed to an air of excitement and speculation.

However, it also introduced unpredictability as the influx of new investors can lead to volatile price swings. Concerns arose about the potential impact of this hype on vulnerable holders—those who might be more susceptible to panic selling in response to market turbulence.

Source: Lunar Crush

Despite the whirlwind of price activity in TRB, Tellor’s core protocol development remained resilient and focused.


Is your portfolio green? Check out the TRB Profit Calculator


The announcement of the Tellor Layer marked a significant milestone for the project, bringing several advantages to its ecosystem. This development highlighted the commitment of the Tellor team to enhance the protocol’s capabilities and utility.

This massive surge in price, coupled with a rise in hype could be a recipe for disaster if large investors decide to sell. Readers are advised to proceed with caution.

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.