A Whale Withdraws $116 Million Worth of TRB Tokens from Exchanges
A wealthy altcoin holder has recently withdrawn a significant amount of Tellor Tributes (TRB) tokens from exchanges following their parabolic rallies. The whale, who controls 21% of the supply of TRB tokens, withdrew approximately $116 million worth of TRB from exchanges. This withdrawal accounted for 34.5% of the circulating supply. The whale still holds 540,000 TRB, which is 21.4% of the total circulation.
Tellor and TRB Tokens
Tellor is a decentralized oracle network that connects Ethereum smart contracts to external data. TRB is the native token for Tellor. At the time of writing, TRB is trading at $31.75 and has experienced a 222% increase in value over the past 30 days.
Whale’s Potential Motive
Crypto reporter Colin Wu speculates that the whale may be attempting to control a majority of the liquid TRB tokens in order to generate high funding rates and receive income from open futures contracts. Since August 30, TRB prices have seen significant fluctuations, rising as high as $46.3 and with a spot trading volume of only $184 million in the past 24 hours.
Hot Take: Whale Manipulation?
The withdrawal of $116 million worth of TRB tokens by a wealthy altcoin holder raises questions about potential market manipulation. By controlling a significant portion of the circulating supply, this whale could influence TRB prices and generate income through futures contracts. It remains to be seen how this move will impact the market and whether regulatory measures will be taken to prevent such manipulation in the future.
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