TRB rises 270% as whales pile up: What’s going on?

Posted: September 30, 2023

• Six whale wallets accumulated tokens worth more than $15 million at going market rates.
• TRB pumped 47% over the last week.

Decentralized oracle protocol Tellor [TRB] defied bearish sentiments to emerge as one of the shining spots in the crypto landscape in the recent weeks. According to CoinMarketCap, the token exploded 270% over the past month, exchanging hands at $52.18 at the time of writing.

Source: CoinMarketCap

Realistic or not, here’s TRB’s market cap in BTC’s terms

Whales to decide the tide?

With an enormous rise in the midst of a bear market, speculators looking for a quick buck hurried to get their hands on the coin.

However, much like many other mid to small cap cryptos, the forthcoming movements in price could be dictated by a handful of powerful investors.

According to data from Lookonchain dated 28 September, six whale wallets amassed as many as 286,375 TRBs of late, amounting to more than $15 million at going market rates.

Source: Lookonchain

It was further revealed that all of these addresses were profitable, with a combined profit value topping $7 million. Lookonchain said that they could liquidate their holdings anytime.

Given that they control 11% of the supply, the sell-off might put significant downward pressure on the value of TRB.

While whale movements are often seen as a precursor of what to expect in the future, it’s always advisable to tread with caution and DYOR.

Social buzz shoots up

As per Santiment, the bulk of the profit-taking took place around 17 September. Evidently, this was the time when most of the TRB holders transferred their stashes to exchanges to dump them.

Since then, supply on and outside the exchanges has been flat. Despite this, price pumped by a staggering 47%.

Source: Santiment

TRB has greatly benefitted from the positive talk happening around the coin. As indicated, the amount of mentions in crypto-specific social media groups surged as the coin breached past the $50-level.

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Cryptocurrencies in general ride high on word of mouth and hype. Therefore, the social buzz might continue to fuel the influx of more traders.

Source: Santiment

Additionally, weighted sentiment was in the positive territory, indicating that the amount of positive commentary around TRB eclipsed the negative publicity. This boded well for TRB in the short term.