In the past 24 hours, Tellor (TRB) has taken investors on a wild rollercoaster ride, experiencing a surge and a drop reminiscent of price manipulation. The cryptocurrency soared to over $600 in the late hours of 2023, only to come crashing down to $137 soon after. This extreme price volatility has raised eyebrows and prompted rumors of manipulation, especially as TRB led the market in liquidations on both long and short positions.
According to data from CoinGlass, TRB witnessed an unusually high number of liquidated positions compared to other cryptocurrencies within the same time period. Whales were exiting both long and short positions, further fueling the speculation of manipulation. In total, the crypto market saw a staggering $227 million worth of liquidated positions, with TRB leading the pack at $73.93 million. This is quite remarkable for a low market cap altcoin. Ethereum (ETH) and Bitcoin (BTC) followed with $24.7 million and $22.74 million worth of liquidations, respectively.
While the exact reason behind the sudden price surge remains unclear, the subsequent crash has been attributed to price manipulation by the Tellor team. Lookonchain, a social media account, pointed out that the Tellor team deposited 4,211 TRB worth approximately $2.4 million on Coinbase as the price skyrocketed. This raised suspicions that the team might have orchestrated the surge, only to benefit from the subsequent sell-off.
Price manipulation is not a new phenomenon in the crypto industry, especially among low market-cap altcoins. Sudden price movements and volatility can often be manipulated by influential players in the market. The transfer of TRB into Coinbase by the Tellor team has further fueled speculations of a planned selloff. However, it is important to acknowledge that this remains speculative at this point.
TRB, the utility token for Tellor, has had an eventful price journey throughout the year. For the majority of the year, TRB traded below $15 and exhibited relatively low volatility. However, in September, the cryptocurrency began to show signs of high volatility. A sustained price surge in the middle of September propelled TRB to reach $140 by November 9. Following this peak, TRB experienced a dip throughout November, reaching a low of around $77.
December marked a shift in momentum, with TRB showing a steady upward trend since the beginning of the month. As of now, TRB is trading at $191, representing a 143% increase in just 30 days. The significant price fluctuations and the recent surge and crash have highlighted the inherent volatility of TRB and the crypto market as a whole.
Tellor’s recent price rollercoaster, characterized by a surge, a crash, and persistent price volatility, has raised concerns of potential price manipulation within the cryptocurrency market. While speculation surrounds the actions of the Tellor team, it is vital to conduct thorough research and due diligence when considering any investment in the crypto space. Investing in cryptocurrencies carries inherent risks, and it is crucial to be aware of these risks before making any investment decisions.
Disclaimer: This article is provided for educational purposes only and does not constitute financial advice. The opinions expressed are solely those of the author and do not reflect the opinions of NewsBTC. Cryptocurrency investments involve risks, and individuals should conduct their own research and exercise caution when investing.