Tellor (TRB) went on a rollercoaster prior to now 24 hours, with its worth experiencing a surge and a drop that’s similar to that of worth manipulation. Because of this, the crypto surged to over $600 within the late hours of 2023 earlier than crashing all the way down to $137.
In line with knowledge from CoinGlass, TRB witnessed extra liquidated positions than another crypto inside this time interval, with whales exiting each lengthy and brief 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 gradual worth enhance for the reason that starting of the month. This enhance was notably 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 accordance with Coinmarketcap knowledge. Nevertheless, this worth surge did not 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 brief positions. In line with CoinGlass, the crypto market noticed a complete of $227 million liquidated positions prior 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 value of liquidated positions.
Whereas the rationale for the astounding worth spike is unclear for the time being, the following crash has been attributed to cost manipulation from the Tellor group. In line with a submit on X (previously Twitter) by Lookonchain, the Tellor group deposited 4,211 TRB value roughly $2.4 million on Coinbase as the worth skyrocketed.
Up to now 24 hours, $TRB soared to $600 after which plummeted to $137, inflicting $68M of property to be liquidated, making it probably the most liquidated token.
We observed that the #Tellor group 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 definitely not a brand new phenomenon within the crypto trade, particularly amongst low market-cap altcoins. The switch into Coinbase has bought traders questioning a couple of selloff from the group, 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 knowledge 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 way of a worth dip all through the month to the top of November at round $77.
December noticed a change in momentum, with worth motion indicating a gradual 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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