An Ethereum-Based Altcoin Crashes After Team Transfers Tokens to Coinbase: On-Chain Data
An altcoin based on the Ethereum blockchain experienced a significant drop in value after its team members transferred thousands of tokens to the popular crypto exchange Coinbase, according to data from Lookonchain.
Lookonchain, a blockchain data tracker, revealed that the decentralized oracle protocol Tellor Tributes (TRB) went through a parabolic rally followed by a sudden massive correction, resulting in the liquidation of tens of millions of dollars.
The data tracker stated that TRB surged to $600 on December 31st before plummeting to $137, leading to the liquidation of $68 million worth of assets. This made TRB the most liquidated token during that period.
Team’s Token Transfer
Lookonchain also observed that the Tellor team moved thousands of TRB tokens to Coinbase after the price surge but before the price collapse. The team deposited 4,211 TRB (equivalent to $2.4 million) during this time.
Although TRB has partially recovered since then and is currently trading at $183.64, it remains down by around 78% from its peak value.
Previous Buying Spree
In November, Santiment, a crypto analytics firm, noticed that wealthy TRB holders were aggressively increasing their holdings. These high-net-worth traders added 15% of the total supply (between 1,000 and 100,000 TRB) over a seven-week period, amounting to 46% of the asset’s total supply. This accumulation occurred as TRB’s value rose from under $15 in September to $134.
Hot Take: Altcoin’s Price Crash Linked to Team’s Actions
The drastic price drop experienced by the Ethereum-based altcoin TRB appears to be linked to the actions of its own team members. The on-chain data shows that after a significant surge in price, the team transferred thousands of tokens to Coinbase, a popular crypto exchange. Shortly after this transfer, the token’s value collapsed, resulting in the liquidation of millions of dollars. This sequence of events raises questions about the team’s intentions and their impact on the market. Investors and traders should exercise caution and closely monitor such movements by project teams, as they can have a significant influence on token prices.
Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding.