TRB price skyrocketed over 20% as Binance made updates to the Tellor (TRB) perpetual contract today. Altcoin rally cools as massive whale sells off
Tellor (TRB) price peaked with Binance announcement
As reported by Kriptokoin.com, Tellor (TRB) gained 22% in value at one point today. The rally was driven by Binance’s updated perpetual contract rates. The altcoin then suddenly fell by double digits. On-chain reports indicate that the momentum is likely linked to whale sales.
According to the information provided by Lookonchain, the price of TRB increased by 360% in the last month, from $ 10 to $ 46. It is thought that behind this huge increase, whales collected large amounts of TRB and traded on various exchanges. Binance is at the center of these exchanges…
2/ This whale started withdrawing $TRB from exchanges on August 30 and has withdrawn a total of 872,602 TRB ($34.3M), 36% of the total supply.
Then deposited 331,825 $TRB ($13M) into Binance on Sept 4, Sept 9, and Sept 15.https://t.co/YNZ1cGses2 pic.twitter.com/EIxLqwowHr
— Lookonchain (@lookonchain) September 16, 2023
This whale has been accumulating TRB for the last month: Today it took profit
Since August 30, one whale has accumulated 540,777 TRB ($21.24 million). This amount accounts for 22% of the total TRB supply available. During the same period, four different altcoin whales withdrew a total of 181,657 TRB ($7.14 million) from Binance. This represents 7% of the total supply.
However, transactions are not limited to savings only. The same whale withdrew a total of 872,602 TRB ($34.3 million) from the exchanges as of August 30. This corresponds to 36% of the total TRB supply. Then, this whale deposited a total of 331,825 TRB ($13 million) to the Binance exchange on September 4, 9, and 15, respectively.
Such large transactions were particularly influential on TRB’s price fluctuations. Investors who follow what is happening in the market closely are now watching the next moves of the whales. This significant increase in the market value of TRB at this time was a result of the whales’ activities. This situation raises speculations that TRB may gain even more value in the near future.
Altcoin investors made 2x profit in the last month with TRB
Tellor (TRB) operates as a decentralized oracle protocol. The altcoin rose on the list of top gainers this week, hitting a new 2023 high of $35.
To understand the rise of TRB, we need to know that Tellor is a decentralized oracle protocol that helps integrate off-chain data into on-chain smart contracts. TRB’s price has rallied 134% this month, reaching $35 on Thursday, September 14. There were several main catalysts behind the huge increase. One of them was the SWIFT Network announcement…
A key development that fueled TRB’s meteoric rise was global payment platform SWIFT Network’s announcement that it would begin using Chainlink’s oracle infrastructure to bring Tokenized TradFi and Real World Assets to the Blockchain. This news also draws attention to decentralized oracles like Tellor. Meanwhile, TRB short-term investor wallets have increased by more than 2000% in the last month, according to data from IntoTheBlock.
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