Over the past 24 hours, the price of Tellor (TRB) has experienced a surge and a subsequent drop that can only be described as comparable to price manipulation. On the last day of 2023, TRB soared to over $600, only to crash down to $137 shortly after. This extreme price volatility has led to speculation of manipulation in the market, with significant liquidation of positions taking place.
According to CoinGlass data, TRB witnessed a higher number of liquidated positions compared to any other cryptocurrency within this timeframe. Both long and short positions were exited by whales amidst rumors of manipulation. The sudden surge followed by the drastic crash has raised eyebrows and left investors questioning the stability of TRB in the market.
TRB had been steadily increasing in price since the beginning of the month, but the acceleration was particularly notable on December 31. The cryptocurrency reached a new all-time high of $602, accompanied by a 1000% surge in trading volume, as reported by Coinmarketcap data. However, the euphoria was short-lived as TRB quickly plummeted to $139. This sudden downturn resulted in TRB leading the market in liquidations for both long and short positions. CoinGlass data reveals that the crypto market saw a total of $227 million in liquidated positions within 24 hours, with TRB accounting for $73.93 million.
While the reason behind the price spike remains unclear, the subsequent crash has been attributed to price manipulation by the Tellor team. A post on X (formerly Twitter) by Lookonchain suggested that the Tellor team deposited a significant amount of TRB, approximately 4,211 tokens worth $2.4 million, into Coinbase as the price skyrocketed. This move ignited suspicions within the community, raising questions about a potential selloff by the team and its impact on TRB’s value.
Price manipulation is not uncommon in the crypto industry, especially among low market-cap altcoins. The Tellor team’s transfer of tokens into Coinbase has further fueled speculation and made investors wary. However, it is important to note that these claims are still speculative and lack concrete evidence at this point.
TRB serves as the utility token for Tellor, a decentralized oracle network that provides real-world data to blockchain-based smart contracts. For the majority of the year, TRB traded below $15, with limited price action. However, in September, the cryptocurrency began to exhibit a high level of volatility. A sustained price surge in mid-September propelled TRB to $140 by November 9. From there, it experienced a downward dip throughout November, reaching approximately $77.
December brought a significant shift in momentum, with TRB showcasing a steady surge since the beginning of the month. As of now, TRB is trading at $191, representing a 143% increase in price over the course of 30 days.
The rollercoaster ride of TRB’s price in the past 24 hours has left investors and observers puzzled. The significant surge followed by a sharp crash has led to speculation of price manipulation, particularly due to the Tellor team’s deposit into Coinbase during the peak of the surge. However, it is crucial to approach these claims with caution, as concrete evidence is currently lacking.
As with any investment, it is essential for individuals to conduct thorough research and analysis before making any investment decisions. Investing in cryptocurrencies carries inherent risks, and it is important to exercise caution and make informed choices.
Disclaimer: This article is for educational purposes only and does not represent the opinions of the author or NewsBTC. It is crucial to conduct your own research and consider the risks before making any investment decisions using the information provided.
Leave a Reply