Surprisingly, multiple addresses that had previously withdrawn a significant amount of altcoin TRB (Tellor Tributes) from Binance on September 14 made a notable move today. They transferred 145,000 TRBs back into the exchange, collectively worth $4.06 million. This sudden influx of TRB liquidity sent shockwaves through the cryptocurrency community and led to a 34 percent drop in the price of TRB, falling from $42 to $25.
23 percent of the altcoin project is in certain addresses
What’s even more interesting is that this is not an isolated incident. Over the past few days, there have been three addresses withdrawing significant amounts of TRB from Binance, collecting a total of 566,920 TRB, equivalent to 15.3 million USD. These three addresses currently hold a significant 23% of the total TRB supply, raising concerns about potential centralization of TRB ownership. The rollercoaster ride for TRB holders began on August 30, when the price of TRB fluctuated between $14.45 and $46.3, showcasing the extreme volatility that has become characteristic of the cryptocurrency market. Over the past 24 hours, TRB’s spot trading volume remained relatively low at $184 million, while contract volume increased to a staggering $6.748 billion.
This strange situation has led experts and analysts to speculate that a whale, or a group of whales, may be strategically manipulating the TRB market for their own benefit. By controlling the supply of TRBs in the spot market, they can potentially influence contract revenues and higher funding rates, effectively leveraging their dominant positions for significant financial gains.
What is Tellor?
For those unfamiliar with TRB, it serves as a utility token within the Tellor system and operates as an ERC-20 token built on top of the Ethereum Blockchain. TRB plays a vital role in the incentive system by staking by miners and is also used to reward them through “hints” for providing correct answers to queries. This unique benefit has made TRB a sought-after asset in the crypto world. However, it has also made it open to market manipulation.
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