Why Is TRB Down 13% Today? Is Manipulation Still Impacting The Crypto — Or Is It Whales Accumulation?
Portfolio Pulse from Khyathi Dalal
Tellor (TRB), a decentralized Oracle protocol, experienced a significant price drop of 13.8% in the past 24 hours after reaching an all-time high on Jan. 1, 2024. The team deposited 4,211.7 TRB worth $2.4 million post the price surge. Whales have been accumulating TRB, with wealthy traders adding 15% of the total supply to their holdings in the last seven days. On-chain data suggests that 26% of TRB's circulating supply is held by just 20 wallets, raising concerns of potential manipulation and a pump-and-dump cycle. The price action over the past month shows TRB is up by 109.3%, despite the recent drop and a narrowed trading volume by 81.9%.
January 02, 2024 | 10:39 pm
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Tellor (TRB) experienced a significant price drop and concerns of market manipulation after a recent price surge and whale accumulation. Trading volume has also decreased substantially.
The recent deposit by the Tellor team and the accumulation by whales, combined with a significant portion of the supply being held by a small number of wallets, suggest potential market manipulation, which could lead to further price instability. The sharp decrease in trading volume may also indicate a lack of buyer interest at current price levels, potentially leading to further declines in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100