Tellor (TRB) went on a rollercoaster up to now 24 hours, with its value experiencing a surge and a drop that’s similar to that of value manipulation. Consequently, the crypto surged to over $600 within the late hours of 2023 earlier than crashing all the way down to $137.
In keeping with knowledge from CoinGlass, TRB witnessed extra liquidated positions than every other crypto inside this time interval, with whales exiting each lengthy and quick 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 gentle value improve for the reason that starting of the month. This improve was notably exacerbated on December 31, pushing the crypto to a brand new all-time excessive of $602, and a 1000% improve in buying and selling quantity, in accordance with Coinmarketcap knowledge. Nevertheless, this value surge didn’t final various hours, as TRB plummeted to $139.
This value volatility noticed TRB lead the market in liquidations on each lengthy and quick positions. In keeping with CoinGlass, the crypto market noticed a complete of $227 million liquidated positions up 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 price of liquidated positions.
Whereas the rationale for the astounding value spike is unclear for the time being, the following crash has been attributed to cost manipulation from the Tellor workforce. In keeping with a put up on X (previously Twitter) by Lookonchain, the Tellor workforce deposited 4,211 TRB price roughly $2.4 million on Coinbase as the value skyrocketed.
Prior 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 seen that the #Tellor workforce deposited 4,211 $TRB($2.4M) after the value of $TRB skyrocketed.
Deal with:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
— Lookonchain (@lookonchain) January 1, 2024
Tellor value suffers 75% crash following large surge | Supply: TRBUSD on Tradingview.com
Value manipulation is actually not a brand new phenomenon within the crypto trade, particularly amongst low market-cap altcoins. The switch into Coinbase has received buyers questioning a couple of selloff from the workforce, 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 good contracts. TRB largely traded beneath $15 for almost all of the 12 months. 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 value surge in the course of September that noticed it attain $140 on November 9. After reaching this level, it went by way of a value dip all through the month to the tip of November at round $77.
December noticed a change in momentum, with value motion indicating a gentle 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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