Tellor (TRB) Witnesses Suspicious Price Manipulation
A small-cap altcoin called Tellor (TRB) recently experienced a rapid surge to a new all-time high above $600, only to crash and erase all gains within hours. This sudden price movement has raised suspicions of price manipulation.
Questionable Transactions on the Blockchain
According to blockchain data from Etherscan, the Tellor team transferred a significant amount of TRB to a Coinbase wallet during the surge. The timing of this transaction aligned with the peak of the price pump, adding to concerns about market manipulation.
Liquidations and Losses
The crash in Tellor’s price led to over $68 million in liquidations. Spot on Chain, an on-chain analytics firm, also noted that 26% of the circulating supply of TRB was held by just 20 large wallets. These wallets accumulated the token at a low price and have since been slowly depositing their tokens onto exchanges, potentially creating a pump-and-dump cycle.
Synthetix Users Affected
Users of the blockchain protocol Synthetix faced losses due to the sudden price change in TRB. The dislocation between spot and derivative prices caused several short positions to open without proper arbitrage opportunities.
Tellor’s Response
The team behind Tellor has not yet issued any statements regarding these unusual price movements in TRB.
Hot Take: Suspicion Surrounds Tellor’s Price Movements
The meteoric rise and subsequent fall of Tellor’s price have raised suspicions of price manipulation. Questionable transactions on the blockchain and concentrated holdings by large wallets have further fueled these concerns. Users of Synthetix also suffered losses due to the price volatility. The Tellor team has remained silent on the matter, leaving many wondering about the true cause of these extreme price movements.
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