In the past 24 hours, Tellor (TRB) experienced a whirlwind of price fluctuations that left investors puzzled and speculating about market manipulation. The cryptocurrency surged to a peak of over $600 before crashing down to $137, causing it to be the most liquidated token within this time period. This article delves into the details of these price swings and examines the potential reasons behind them.
Tellor (TRB) had been steadily increasing in price since the beginning of the month, with a significant surge on December 31. During this surge, TRB reached an all-time high of $602 and saw a 1000% increase in trading volume. However, the euphoria was short-lived as the cryptocurrency quickly plummeted to $139. This extreme price volatility resulted in TRB leading the market in liquidations of both long and short positions. Within the past 24 hours, a total of $227 million worth of positions were liquidated, with TRB accounting for $73.93 million. Unusually, such a low market cap altcoin dominated the liquidation chart, leaving traders and investors bewildered.
A possible explanation for the dramatic price swing is alleged price manipulation by the Tellor team. Speculations arose when the team deposited 4,211 TRB (worth approximately $2.4 million) on Coinbase as the price skyrocketed. The subsequent crash raised concerns about a potential selloff by the team. However, it is crucial to note that these allegations remain speculative at this point, and concrete evidence is yet to be presented.
Price volatility is not uncommon in the cryptocurrency industry, particularly among low market-cap altcoins. Tellor’s utility token, TRB, is associated with Tellor, a decentralized oracle network offering real-world data to blockchain-based smart contracts. For the majority of the year, TRB traded below $15 and garnered limited attention. However, things took a turn in September, with TRB exhibiting a significant increase in volatility. The middle of September marked the beginning of a sustained price surge, pushing TRB to a high of $140 on November 9. Following this peak, the cryptocurrency experienced a downward trend, reaching around $77 by the end of November.
December witnessed a shift in momentum for TRB, with the cryptocurrency showing signs of steady growth from the month’s onset. As of now, TRB is trading at $191, marking a 143% increase within a 30-day timeframe. These recent price swings have sparked debates and discussions among investors, who are closely monitoring the situation for further insights.
The massive price swings experienced by Tellor (TRB) within the past 24 hours have raised suspicions of manipulation in the market. While the cryptocurrency surged to impressive heights before crashing down, questions surrounding the Tellor team’s actions have emerged. However, it is crucial to exercise caution and await concrete evidence before drawing firm conclusions. The cryptocurrency market is known for its volatility, and such price fluctuations are not entirely uncommon. As always, it is advisable for investors to conduct thorough research and make well-informed decisions when navigating the cryptocurrency landscape.