Fri Fire: Gold & Oil Up, Bitcoin & Crypto Dive
Journalist
Posted:
- TRB experienced an extraordinary 360% price surge, with suspicion falling on significant whale accumulation.
- Social media buzz around TRB skyrocketed during this period.
In a month marked by bearish trends across the crypto market, Tellor [TRB] defied the odds, showcasing an impressive 360% surge in price. This unprecedented price rally raised questions, with suspicions turning toward whale activity.
Realistic or not, here’s TRB’s market cap in BTC terms
According to data from lookonchain, a whale made a significant move by accumulating 540,777 TRB tokens. This amounted to approximately $21.24 million.
The accumulation started on 30 August. This accumulation represented a substantial 22% of the total TRB supply. Such pronounced whale involvement triggered discussions regarding its potential impact on TRB’s price dynamics and market sentiment.
A Game of withdrawals and deposits
However, the whale’s actions were not limited to withdrawals; they also deposited 331,825 TRB (approximately $13 million) into Binance on 4 September, 9 September, and 15 September. This pattern of large withdrawals and deposits added to the intrigue surrounding TRB’s price surge, with the crypto community closely monitoring these moves for potential market effects.
1/ The price of $TRB has increased by 360% from $10 to $46 in the past month.
A whale has accumulated 540,777 $TRB ($21.24M) since Aug 30, 22% of the total supply.
4 whales withdrew a total of 181,657 $TRB ($7.14M) from #Binance on Sept 14, 7% of the total supply. pic.twitter.com/WUaIlfDXGA
— Lookonchain (@lookonchain) September 16, 2023
While TRB’s price was trading at $39.18 at the time, indicators like the declining Relative Strength Index (RSI) and falling Chaikin Money Flow (CMF) hinted at a potential slowdown in bullish momentum.
Source: Trading View
A surge in popularity
The surge in TRB’s price brought about heightened social media activity, with social mentions surging by 326%, and engagement around the token increasing by 85.2%, according to LunarCrush’s data. This surge in online activity contributed to an air of excitement and speculation.
However, it also introduced unpredictability as the influx of new investors can lead to volatile price swings. Concerns arose about the potential impact of this hype on vulnerable holders—those who might be more susceptible to panic selling in response to market turbulence.
Source: Lunar Crush
Despite the whirlwind of price activity in TRB, Tellor’s core protocol development remained resilient and focused.
Is your portfolio green? Check out the TRB Profit Calculator
The announcement of the Tellor Layer marked a significant milestone for the project, bringing several advantages to its ecosystem. This development highlighted the commitment of the Tellor team to enhance the protocol’s capabilities and utility.
This massive surge in price, coupled with a rise in hype could be a recipe for disaster if large investors decide to sell. Readers are advised to proceed with caution.
