Benzinga - Another crypto token has joined the meme coin frenzy of gains and losses within the shortest period. Tellor (CRYPTO: TRB) also saw a lot of attention from whales in the past 24 hours.
What Happened: Tellor is a decentralized Oracle protocol known for its ability to incorporate off-chain data into on-chain smart contracts.
After peaking at its all-time high level on Jan. 1, 2024, Tellor prices dropped significantly lower during the same day. Post the price surge of Tellor, the crypto's team deposited 4,211.7 TRB (worth $2.4 million).
In the past 24 hours, Telllor’s assets to be liquidated stood at $68 million, making it the most liquidated token.
Sentiment data indicated that in November, wealthy traders who owned between 1,000 to 100,000 Tellor added 15% of the total supply to their holdings during the past seven days. This made it 46% of the asset’s total supply.
On-chain data firm Spot On Chain indicated that 26% of the circulating supply of Tellor was held by just 20 large wallets.
Liquidation is likely to increase when prices may experience significant pumps to clear short positions and major dumps to liquidate their holdings.
Why Does It Matter: The Tellor situation reminded investors of the volatile nature of cryptocurrencies, the risks involved and thorough research should be done before buying any token.
Spot trader, iWantCoinNews, went on X and stated, “Team killed their token.”
Altcoins researcher and trader David Gonzalez tweeted, “Tellor (TRB) altcoin's bizarre 150% pump then fall spark concerns of manipulation.”
Spot On Chain stated on X, “Over the past two months, the whales have slowly deposited their tokens onto exchanges, creating a pump-and-dump cycle to liquidate their holdings.”
Price Action: In the past 24-hour trading, Tellor prices traded 13.8% down. While the past seven-day losses stood at 9.3%, Tellor on a one-month trading basis was higher by 109.3%. Trading volume in the past 24 hours narrowed by 81.9%.
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