Title: Whale Wallets Dump 230K Coins: TRB Tumbles 30% in Four Days
Subheading: Major Price Manipulation by Whales
As of November 14, 2023
Three Whale Wallets Dump Nearly 230,000 Coins
The decentralized oracle protocol Tellor [TRB] suffered a significant 30% drop in just four days, shattering the multi-week uptrend that had propelled the token to its all-time highs (ATH). Initially, TRB pumped by 47% the previous week, only to experience a sharp decline on November 9th, plummeting to the current value of $81.97, according to CoinMarketCap.
Whales Exit the Market
As with other small-cap cryptocurrencies, TRB’s price movement was predominantly influenced by a select group of powerful investors. Lookonchain data revealed that actions of whale investors exerted significant downward pressure on TRB’s price, with three whale wallets selling nearly 230,000 coins. Out of these, two addresses reaped profitable gains, while the third incurred significant losses from the sales.
The Downtrend May Continue
Further analysis indicated that there could be more downsides in the future, as 20 wallets, holding 42.5% of TRB’s total supply, still had not liquidated their holdings. Additionally, an AMBCrypto examination of TRB’s liquid supply suggested that there may be a rise in short-term sell pressure.
Negative Sentiment Strengthens
The fall in TRB’s price led to a pessimistic outlook among investors, evident by the negative weighted sentiment indicator. Social discussion around the coin in crypto circles also took a nosedive, reflecting a falling social volume. This was a matter of concern, as TRB had previously benefited from positive talk about the coin.
While the whale movements may offer a glimpse of the future, it is always advisable for investors to tread with caution and Do Your Own Research (DYOR).
By understanding the potential market manipulation by whales, investors can make informed decisions when dealing with volatile cryptocurrency assets like TRB.
### News source: eng.ambcrypto.com