Tellor Tributes (TRB) Price Hits New ATH Amid Whale Action, 2000% Rally in 2023

TRB, the native cryptocurrency of the Tellor Tributes (TRB) Protocol, continues on its unstoppable rally surging past $240 levels. At press time, Tellor Tributes’ (TRB) price is up by 9% trading at $243 levels with a market cap of $614 million.

Active Buying By Tellor Whales

The TRB price has been on a mega rally gaining ~2000% just over the last three months of this year. In addition to substantial price increases, an analysis of Tellor’s ecosystem reveals intriguing dynamics. Approximately 1.7 million out of the total 2.5 million circulating TRB tokens are currently held on exchanges. Notably, a group of 20 major investors possesses a remarkable 660,000 coins, constituting around 95% of Tellor’s circulating supply.

Interestingly, significant accumulation of Tellor tokens by whales commenced in August and September, with an initial investment cost of just $15 per token. Since this strategic accumulation, the value of TRB has surged by 15 times, resulting in substantial profits for the cohort. The accumulated profit margin for these investors stands at $120 million, comprising $80 million in unrealized returns and $40 million in realized earnings.

However, recent movements indicate that these whales have been transferring their tokens to exchanges over the past two months, sparking concerns of a pump-and-dump scenario. This development raises the possibility of liquidating their growing investment portfolios and influencing market dynamics.

However, amid this dramatic price run, some analysts have also been pointing out the possibility of major market manipulation. As per the crypto analyst from the Cilinix Crypto YouTube channel, Tellor has experienced significant fluctuations in its price recently. In a video dated December 22, the analyst highlighted the token’s substantial surge from $10 to $140, along with subsequent sharp increases and declines, interpreting them as indications of potential market manipulation.

TRB Price Action Going Ahead

Crypto trader Phoenix ICF discusses Tellor’s (TRB) recent 16% surge to $238 on Twitter. He highlights solid support at $145 on the weekly chart, suggesting two potential scenarios. The first is a retracement to $145, offering a buying opportunity as it represents previous resistance turned support.

The second scenario is TRB maintaining its bullish momentum for further short-term gains, driven by positive market structure and technical momentum. As TRB is trading at its all-time high, there’s no specific potential upside target.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.