Tellor Tributes (TRB) Price Plummets 34% in Mysterious Whale-Driven Sell-Off
In a surprising turn of events, multiple addresses that had previously withdrawn significant amounts of TRB (Tellor Tributes) from Binance on September 14 made a remarkable move today. They collectively transferred a staggering 145,000 TRB, valued at $4.06 million, back into the exchange. This sudden influx of TRB liquidity has sent shockwaves through the cryptocurrency community, leading to a 34% drop in TRB’s price, plummeting from $42 to $25.
What’s even more intriguing is that this isn’t an isolated incident. Over the past few days, there have been three addresses that have withdrawn substantial amounts of TRB from Binance, amassing a total of 566,920 TRB, equivalent to a whopping $15.3 million. These three addresses now hold a significant 23% share of the total TRB supply, raising concerns about the potential centralization of TRB ownership.
The rollercoaster ride for TRB holders began on August 30 when TRB’s price ranged from $14.45 to $46.3, showcasing the extreme volatility that has become characteristic of the cryptocurrency market. In the past 24 hours, TRB’s spot trading volume has been relatively low at $184 million, while the contract volume surged to a staggering $6.748 billion.
This peculiar situation has led experts and analysts to speculate that a whale or a group of whales may be strategically manipulating the TRB market to their advantage. By controlling the supply of TRB on the spot market, they could potentially influence contract income and high funding rates, effectively leveraging their dominant position for substantial financial gains.
For those unfamiliar with TRB, it serves as the utility token within the Tellor system and operates as an ERC-20 token built on the Ethereum blockchain. TRB plays a vital role in the incentivization system by being staked by miners and is also used to reward them through “tips” for providing accurate responses to queries. This unique utility has made TRB a sought-after asset in the crypto world, but it has also made it susceptible to market manipulation.
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