In an unexpected twist, the cryptocurrency world has been rocked by the actions of a significant crypto whale who recently made headlines by withdrawing a staggering $116 million worth of TRB tokens, amounting to a remarkable 34.5% of the circulating supply. This whale’s maneuvers have sent shockwaves through the TRB market, triggering substantial price fluctuations and raising concerns among traders and investors. Wu Blockchain, a prominent cryptocurrency commentator, shed light on the situation through a recent tweet, further fueling discussions in the crypto community.
The whale’s strategic moves commenced on August 30, marked by a series of substantial withdrawals totaling a jaw-dropping 872,600 TRB tokens. Notably, on September 4, 9, and 15, the whale executed three transactions, each involving 100,000 TRB, ultimately directing these tokens to the Binance exchange. Despite these withdrawals, the whale still maintains a formidable position, holding 540,000 TRB, equivalent to 21.4% of the total circulating supply.
The impact on TRB prices has been undeniable, with the cryptocurrency experiencing remarkable volatility since August 30. TRB’s value has swung dramatically, ranging from a low of $14.45 to a high of $46.3. These sharp price fluctuations have left traders and investors on edge, grappling with uncertainty regarding the token’s future trajectory.
What adds intrigue to this scenario is the stark contrast between spot and contract trading volumes. Over the past 24 hours, TRB’s spot trading volume amounted to a modest $184 million, while contract trading volume soared to an astounding $6.748 billion. This divergence suggests that the whale may be strategically manipulating TRB’s spot circulation, potentially to optimize contract income and capitalize on high funding rates.Currently, the price of Tellor is $26.04 , with a current market cap of $44.3M and a 24-hour trading volume of $136.1M.
This episode serves as a potent reminder of the significant influence that large holders, often referred to as whales, exert within the crypto market. Their actions could introduce heightened levels of volatility and uncertainty, ultimately shaping the overall trading landscape. As market participants closely track the whale’s activities, it is clear that they would continue to exert a substantial impact on TRB’s price trends and trading dynamics.
Navigating the ever-evolving crypto market, this situation underscores the unique challenges and opportunities it presents. While whales could introduce turbulence, they also offer the potential for significant gains and losses, underscoring the importance of vigilance and adaptability for crypto investors in a market constantly influenced by such influential players.
