The value of the Ethereum (ETH)-based altcoin plummeted after project team members moved thousands of tokens to cryptocurrency exchange Coinbase, according to on-chain data.
Blockchain Data Tracker Lookonchain Called Tellor Tributes (TRB), a decentralized oracle protocol, staged a parabolic rally before a sudden large-scale correction, resulting in the liquidation of tens of millions of dollars.
Lookonchain says:
“In the last 24 hours, TRB surged to $600 (December 31) and then plummeted to $137, liquidating $68 million in assets, making it the most liquidated token.”
Lookonchain discovered that Tellor team members moved thousands of TRBs to Coinbase, a leading exchange in the US, after the price spike and just before the price collapse.
“We saw that the Tellor team deposited 4,211 TRB ($2.4 million) after the TRB price surged.”
TRB has since recovered some of its losses and, at the time of this writing, is trading at $183.64, up about 18% in the last 24 hours.
Last November, cryptocurrency analytics firm Santiment discovered that deep-pocketed TRB holders were aggressively increasing their holdings. Wealthy traders who owned between 1,000 and 100,000 TRB at the time added 15% of the total supply to their holdings over 7 weeks, accounting for 46% of the total asset supply. The massive buying occurred as TRB’s value soared from less than $15 in September to $134.
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