Tellor (TRB) Experiences Price Surge and Drop Amidst Manipulation Rumors
The past 24 hours have been a rollercoaster for Tellor (TRB), as its price saw a surge and subsequent drop reminiscent of price manipulation. The crypto soared to over $600 before crashing down to $137.
TRB Price Action and Liquidation
Tellor’s price had been steadily increasing throughout the month, but on December 31, it experienced a significant surge, reaching a new all-time high of $602. However, this surge was short-lived, as TRB quickly plummeted to $139.
During this period, TRB witnessed the highest number of liquidated positions compared to any other cryptocurrency. Whales exited both long and short positions, leading to rumors of manipulation surrounding TRB.
Price Manipulation Speculation
While the exact reason for the price spike remains unclear, many attribute the subsequent crash to price manipulation by the Tellor team. A post on X (formerly Twitter) suggests that the team deposited a large amount of TRB on Coinbase as the price skyrocketed.
Price manipulation is not uncommon in the crypto industry, particularly among low market-cap altcoins. The transfer of TRB into Coinbase has raised suspicions of a potential selloff by the team.
About Tellor (TRB)
TRB is the utility token for Tellor, a decentralized oracle network that provides real-world data to blockchain-based smart contracts. The cryptocurrency has exhibited high volatility throughout the year, with a sustained price surge in September and another surge in December.
At the time of writing, TRB is trading at $191, showing a 143% increase in a 30-day timeframe.
Hot Take: TRB’s Rollercoaster Ride Raises Manipulation Concerns
Tellor (TRB) has experienced a turbulent period with its price surging to new highs before crashing down, leading to speculation of price manipulation. This highlights the ongoing issue of market manipulation in the crypto industry, particularly among altcoins with lower market caps.
While it remains unclear why TRB experienced such extreme price volatility, rumors of manipulation have emerged following the Tellor team’s deposit of a large amount of TRB on Coinbase during the price surge. Investors are left questioning whether this was a coordinated selloff by the team.
As TRB continues to show high levels of volatility, investors must remain vigilant and cautious when participating in the cryptocurrency market.
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