Tellor’s TRB Token Continues to Surge, Crossing $240
The price of TRB, the native cryptocurrency of the Tellor Tributes (TRB) Protocol, has been on an unstoppable rally, surpassing $240. Currently, TRB is trading at $243 with a market cap of $614 million.
Significant Accumulation by Tellor Whales
An analysis of Tellor’s ecosystem reveals that approximately 1.7 million out of the total 2.5 million circulating TRB tokens are held on exchanges. A group of 20 major investors owns around 95% of Tellor’s circulating supply, with a remarkable 660,000 coins.
These whales started accumulating Tellor tokens in August and September at a cost of $15 per token. Since then, the value of TRB has surged by 15 times, resulting in substantial profits for these investors.
Potential Market Manipulation Concerns
Recent movements suggest that these whales have been transferring their tokens to exchanges, raising concerns about a possible pump-and-dump scenario. This development could lead to liquidating their growing investment portfolios and influencing market dynamics.
Some analysts have also pointed out the possibility of major market manipulation in Tellor’s recent price fluctuations. These fluctuations, including sharp increases and declines, have raised suspicions among experts.
TRB Price Action Outlook
Crypto trader Phoenix ICF highlights solid support at $145 on the weekly chart for TRB. He suggests two potential scenarios – a retracement to $145 offering a buying opportunity or TRB maintaining its bullish momentum for further short-term gains.
As TRB is currently trading at its all-time high, there is no specific potential upside target.
Hot Take: Is Tellor’s TRB Token Facing Market Manipulation?
The recent surge in the price of Tellor’s TRB token has raised concerns about potential market manipulation. While the accumulation of tokens by whales has resulted in substantial profits, their recent movements and transfers to exchanges have sparked suspicions. Additionally, analysts have highlighted significant price fluctuations, suggesting possible manipulation. As TRB continues to rally, it remains to be seen whether these concerns will impact its future performance and investor sentiment.
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