In recent developments, Tellor, a decentralized, permissionless oracle on the Ethereum blockchain and various sidechains, has captured significant market attention. The platform, dedicated to feeding decentralized applications with essential off-chain data, has witnessed its native token, TRB, soar in value by an impressive 750% in just the past quarter.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing the latest insights into Tellor’s (TRB) burgeoning activity, highlighting the spike in daily active addresses and the surge in whale transactions, signaling robust market sentiment for the token.
📈 #Tellor's price has now jumped ~+750% since July, and whales are showing more interest than ever before while new addresses continue to pour in. $TRB is now the #192 market cap asset (and rising) as it leads the #altcoin charge here in October. https://t.co/xZCnAs2jce pic.twitter.com/rdSni2BzYl
— Santiment (@santimentfeed) October 23, 2023
Over the most recent 30-day period, the TRB token notched a price gain exceeding 150%, standing out as the foremost performer amidst its altcoin peers. As per data from CoinMarketCap, the token’s phenomenal growth has elevated it to the elite group of the top 130 cryptocurrencies based on market capitalization. Currently, the market cap is at $215 million, with a strong surge of more than 8.88% in the past 24 hours.
At the press, the token’s trading price is approximately $87.17, showcasing an impressive increase of 8.88% in the past few hours of today’s trading session. The surge in price is a result of bullish sentiment from investors, with high trading volumes of over $212 million in the past 24 hours. On delving deeper, Tellor achieved a milestone with its all-time high transaction volume – processing over 50 unique transactions each day, each valued at more than $100,000.
Whales, or large-scale crypto investors, play a significant role in this surge. Alongside this uptick in whale transactions, Tellor also recorded a sharp increase in daily active addresses. According to Santiment, the platform reached a remarkable 504 daily active addresses on October 23.
Looking at its weekly chart, TRB’s price has been consistently moving up, with a notable increment of 46%, with bullish pressure pushing the coin to reach new heights. This is a key indicator that TRB is experiencing high demand, and investors see it as a valuable asset with strong potential. If bullish pressure continues mounting on the TRB token, the next resistance level of $100 could be reached soon.
On the technical side, the TRB token is still on an upward trend, with indicators showing a bullish signal. The RSI (Relative Strength Index) is currently at 76, indicating that the token is heavily overbought. In addition, the moving average convergence divergence (MACD) shows a bullish crossover, suggesting that the token’s price will continue to rise in the short term. The MACD and signal lines are upward, indicating a strong buy signal.
