Tellor's TRB Token Plummets from $720 to $180 Amid Wild Trading Hours

• Tellor's TRB Token Experiences Dramatic Price Fluctuations
• About Tellor and its TRB Token
• Weekend Price Volatility
• Record-High Figure for TRB Futures
• The Role of a Wallet Linked to Tellor's Development Team
• TRB Token's Performance Over The Past Year

Tellor's TRB Token Experiences Dramatic Price Fluctuations

Despite conditions of a relatively illiquid market and suspected overleveraged trading, the TRB token of Tellor saw an impressive surge of over 250% within a single day. This peak, however, was short-lived as the cryptocurrency experienced a 70% drop from a record high set on Sunday.

About Tellor and its TRB Token

Tellor is a recognized oracle protocol that utilizes blockchain technology to gather and disseminate data across various networks. Its native cryptocurrency, TRB, is given as a reward to both users and data providers who choose to stake their coins, thereby contributing to the upkeep of the network's security.

Weekend Price Volatility

The weekend saw a wild price swing for TRB futures, which jumped from a baseline of $180, climbing up to an astronomical $737 on the OKX crypto exchange. Spot prices on both OKX and Binance also rose to $550. Traders who had wagered on prices climbing even further were left in the lurch when a liquidation cascade was set off, causing prices to plummet by over 70% to around $175. This entire price shift took place within a span of six hours.

Record-High Figure for TRB Futures

The extreme price volatility led to nearly $40 million worth of short positions and $17 million in long positions being liquidated, resulting in a record-high figure for TRB futures.

The Role of a Wallet Linked to Tellor's Development Team

Data tracked and cited by the on-chain analysis tool Lookonchain suggests that a wallet connected to the development team of Tellor may have transferred tokens worth $2.4 million to the crypto exchange Coinbase. It is presumed that these tokens were sold on the exchange, contributing to the drastic fall in price.

TRB Token's Performance Over The Past Year

Despite the pronounced swing in price, the TRB token has still seen a rise of over 1,000% on a yearly scale, ranking it amongst the best performing bets of the previous year, alongside Solana$104 5.03%'s SOL and tokens within the Ethereum$2,315 -2.42% ecosystem. Despite this, the discussion around the TRB token within cryptocurrency communities has been relatively limited compared to popular tokens like SOL, indicating that the bulk of its volumes and trading interest might have originated from a smaller group of traders.

Edited by Jonathan Stoker