Tellor (TRB) Surges, Reverses 2022 Losses
Tellor (TRB), a decentralized oracle protocol and alternative to Chainlink, has been performing exceptionally well recently. In 2023 alone, TRB has seen a remarkable increase of 640%, with a surge of 269% in just the past month. This surge in price can be attributed to a spike in trading volume, indicating strong engagement from bullish investors.
Outpacing Top Coins
TRB has surpassed major cryptocurrencies like XRP and Bitcoin (BTC), reaching highs that exceed those achieved in 2022. While Bitcoin is struggling to break the $30,000 mark, XRP has lost all the gains it made after being declared a commodity by a court ruling. On the other hand, TRB has experienced a significant surge despite the crypto winter, with prices more than six times higher than their lows in 2023.
Accumulation by Retailers and Whales
On-chain data reveals that although some retailers are taking profits at current spot rates, the number of TRB tokens on exchanges has been decreasing over the past week. This suggests that both retailers and whales may be accumulating more TRB. An analysis of top TRB whales holding over $1 million worth of tokens shows interesting patterns, with new whales like “0x656” and “0x8f8” accumulating substantial amounts of TRB and making considerable unrealized profits.
Confidence in Price Gains
The on-chain data also indicates that these whales received most of their TRB from Binance and OKX but have not moved their coins to exchanges despite the rally in prices. This demonstrates confidence in the future price appreciation of TRB.
Tellor’s Rally and Chainlink
The rally of TRB coincided with SWIFT’s announcement that it had completed trials using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in late August. This news resulted in TRB breaking above its June highs and solidifying its position above $13.
Driven by Fear of Missing Out (FOMO)
Data suggests that the surge in TRB is primarily driven by fear of missing out, particularly from short-term traders and speculators. On September 27, IntoTheBlock reported that over 72% of TRB holders are currently in a profitable position.
Hot Take: Tellor (TRB) Soars to New Heights, Leaving Other Cryptocurrencies Behind
Tellor (TRB) has emerged as a top performer in the cryptocurrency market, leaving behind major coins like Bitcoin and XRP. With an impressive surge of 640% in 2023 and a recent rally that reversed its losses from 2022, TRB is gaining significant attention. The spike in trading volume indicates strong interest from bullish investors. Additionally, data suggests that both retailers and whales are accumulating more TRB, demonstrating confidence in future price gains. The rally also coincided with SWIFT’s adoption of Chainlink’s technology, further boosting TRB’s value. While short-term traders and speculators contribute to the surge due to fear of missing out, the overall outlook for TRB remains positive.
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