Whales Cause Price Plunge in TRB
TRB, the native token of Tellor, experienced a significant drop in price from $600 to $135 within hours. This decline was reportedly caused by whales liquidating both long and short positions. The liquidations totaled $73 million, contributing to the overall $233 million in liquidations recorded by CoinGlass in the past 24 hours.
Market Manipulation Concerns
Spot On Chain, a crypto tracking service, suggests that this drastic price swing may indicate market manipulation. They point out that a single TRB whale controlled most of the liquidity while on-chain activity remained low during the pump-and-dump scheme.
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Leading TRB Dumpers
HTX (formerly Huobi) was identified as the largest dumper of TRB positions, with over $15 million in TRB shorts opened on the exchange. OKX and Binance followed with $12.1 million and $6.69 million, respectively.
Tellor’s Decentralized Oracle Network
Tellor is a decentralized oracle network built on the Ethereum blockchain. It aims to provide real-world data for smart contracts through a network of miners who submit and validate data by staking TRB tokens.
No Public Statement from Tellor Team
As of now, there has been no public statement from the Tellor team regarding the price plunge and market manipulation concerns.
Hot Take: Whales Cause Chaos in Tellor’s TRB Market
A sudden drop in TRB price from $600 to $135 has raised suspicions of market manipulation. Whales executing large liquidations of long and short positions resulted in a total of $73 million in liquidations for TRB alone. Spot On Chain suggests that the majority of liquidity was controlled by a TRB whale, while on-chain activity remained low during the pump-and-dump scheme. The leading dumpers of TRB positions were HTX, OKX, and Binance. Tellor, a decentralized oracle network, has yet to make a public statement about these events.
