Journalist
Posted:
- TRB experienced an extraordinary price increase of 360%, with the suspicion of a significant accumulation of whales.
- Social media buzz around TRB skyrocketed during this period.
In a month marked by bearish trends in the crypto market, Tellor said [TRB] defied expectations and showed an impressive price increase of 360%. This unprecedented price increase raised questions, with suspicions pointing towards whale activity.
Realistic or not, here is TRB’s market cap in BTC terms
According to data from lookonchain, a whale has taken an important step by collecting 540,777 TRB tokens. This amounted to approximately $21.24 million.
The accumulation started on August 30. This accumulation represented a significant 22% of total TRB supply. Such pronounced whale involvement led to discussions about 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 retreating; they also deposited 331,825 TRB (approximately $13 million) into Binance on September 4, September 9 and September 15. This pattern of large withdrawals and deposits added to the intrigue surrounding TRB’s price rise, with the crypto community closely monitoring these moves for potential market impacts.
1/ The price of $TRB has risen 360% in the past month from $10 to $46.
A whale has collected 540,777 $TRB ($21.24 million) since August 30, 22% of total supply.
Four whales withdrew a total of 181,657 whales $TRB ($7.14 million) from #Binance on September 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 such as the falling Relative Strength Index (RSI) and the falling Chaikin Money Flow (CMF) pointed to a possible slowdown in bullish momentum.
Source: trading view
A rise in popularity
The increase in TRB’s price saw increased activity on social media, with social mentions increasing by 326% and engagement around the token increasing by 85.2%, according to LunarCrush data. This increase in online activity contributed to an atmosphere of excitement and speculation.
However, it also introduced unpredictability, as the influx of new investors can lead to volatile price movements. 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 an important milestone for the project and brought several benefits to the ecosystem. This development highlighted the Tellor team’s commitment to improving the protocol’s capabilities and usability.
This huge price increase, coupled with a rise in hype, could be a recipe for disaster if major investors decide to sell. Readers are advised to proceed with caution.