Whale Manipulation Suspected as Tellor (TRB) Faces Dramatic Price Action
Tellor (TRB) has experienced significant price volatility in the past 24 hours, resulting in the liquidation of both long and short positions. A total of $68 million has been liquidated during this period, leading to suspicions of market manipulation by whales.
Did the Tellor (TRB) Team Sell at the Top?
On New Year’s Eve, TRB surged from $232 to an all-time high of $629, only to sharply crash to $121. Currently, it is trading at $222, representing an 80% increase from its lows. This extreme price action has made TRB the cryptocurrency with the highest number of liquidations in the past day, surpassing Bitcoin and Ethereum.
The liquidation data shows that long trades worth $24.51 million and short trades worth $43.50 million have been liquidated.
Allegations of Manipulation Surrounding Tellor Team’s Deposits
An on-chain analytical platform reported that the Tellor team deposited 4,211 TRB tokens valued at $2.4 million into Coinbase. Interestingly, this deposit occurred around the same time as TRB reached its peak and subsequently crashed by around 70%. Some believe this is evidence of significant manipulation that could instill fear in the market.
Risks Associated with Whales Controlling Token Supply
It is worth noting that just 14 whale wallets hold 76% of the TRB token supply. This concentration of supply with a few entities increases the risk of pumps and dumps in the token’s price.
Hot Take: Whales and Market Manipulation in Crypto
The recent price action of Tellor (TRB) has raised concerns about possible market manipulation by whales. The extreme volatility and liquidations in the past 24 hours, combined with the timing of the Tellor team’s token deposit, have fueled suspicions. With a small number of whale wallets controlling a significant portion of the token supply, there is a heightened risk of pump and dump schemes. It remains to be seen whether regulatory measures will be implemented to address these concerns and protect investors from potential manipulation.
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