The cryptocurrency community is closely monitoring the recent developments surrounding Tellor’s native token, TRB, following a tweet by Spot On Chain, an on-chain cryptocurrency analytics platform. The tweet shed light on the token’s dramatic surge to an all-time high of $225 and the subsequent market dynamics influenced by a group of whales.
According to Spot On Chain, approximately 2.5 million TRB are in circulation, with a significant portion, about 1.7 million, present on exchanges. Notably, 660K of these tokens are held by just 20 whales, accounting for around 95% of the total circulation.
These whales have been actively involved in the market since August and September, accumulating TRB at the favorable price of $15. This strategic accumulation has led to a substantial increase in the token’s value, with the price of TRB soaring 15 times since its initial purchase, culminating in a total profit of $120 million for these whales.
Starting in October, the market activity around TRB intensified significantly, marked by a remarkable 750% gain, positioning it as one of the most profitable tokens over the past three months. This surge in value not only drew widespread attention but also amplified the market activity surrounding TRB.
Concurrently, whales reportedly engaged in a pump-and-dump cycle, depositing large amounts of TRB onto exchanges to drive up the price before selling off their holdings for profit. This strategy has significantly contributed to the token’s volatility and has raised concerns over potential market manipulation, especially in the wake of such substantial gains.
The current situation remains tense as the majority of TRB tokens are still under the control of these whales. Their ability to significantly influence the market through large-scale transactions has led to unpredictable price fluctuations. Spot on-chain has highlighted the importance of monitoring these whale transactions to anticipate potential market movements.
Adding to the complexity of the situation, allegations of market manipulation have surfaced. Analysts and observers have pointed out the unusual price movements and trading patterns associated with TRB. The rapid ascent and subsequent drops in price have led some to speculate about the orchestrated nature of these movements. Critics argue that such activities undermine market integrity and pose risks to unsuspecting investors drawn to the token’s volatility.
As of the latest update, TRB is priced at $225.24, reflecting a 20.6% increase in the last 24 hours. With 2.5 million TRB in circulation, the market capitalization of Tellor Tributes stands at approximately $574.15 million.
