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- Volatility Unleashed: Tellor's TRB Token Takes a Rollercoaster Dive, Plummeting from $720 to $180 in a Rapid Trading Frenzy
Volatility Unleashed: Tellor's TRB Token Takes a Rollercoaster Dive, Plummeting from $720 to $180 in a Rapid Trading Frenzy
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In a startling turn of events, leveraged bets on futures linked to a lesser-known token witnessed an astonishing evaporation of $68 million within a mere 24 hours. The surge in Tellor's TRB token, fueled by a market characterized as relatively illiquid and potentially burdened by overleveraged trading positions, experienced an impressive 250% spike in just one day. However, this rapid ascent was followed by a staggering 70% descent from its peak on Sunday.
Tellor functions as an oracle protocol, employing blockchain tools to retrieve and disseminate data across diverse networks. Its native cryptocurrency, TRB, serves as an incentive for users and data providers who engage in staking to uphold network security.
The weekend session unfolded dramatically as TRB futures surged from $180 to a zenith of $737 on OKX, with spot prices reaching $550 on various exchanges, including OKX and Binance. Traders, likely anticipating further price escalations, were caught off guard as a liquidation cascade unfolded, precipitating a swift 70% price drop to hover around $175. This entire price swing unfolded within a concise six-hour timeframe.
The ensuing rollercoaster ride set a record for TRB futures, witnessing the liquidation of nearly $40 million in shorts and $17 million in longs. Notably, on-chain analysis from Lookonchain suggested that a wallet linked to Tellor's development team may have transferred $2.4 million worth of tokens to Coinbase, potentially contributing to the subsequent sell-off.
Rapid Plunge: TRB Prices Plummet from $730 to Under $180 in a Swift Market Movement (TradingView)
Despite the substantial downturn, TRB maintains an impressive yearly gain exceeding 1,000%, positioning itself as one of the standout performers from the previous year alongside assets like Solana's SOL and various tokens within the Ethereum ecosystem. However, discussions within the crypto community regarding TRB appear relatively muted compared to more prominent tokens like SOL, indicating a potentially smaller group of traders driving its volumes and trading interest.
In the past 24 hours, $TRB soared to $600 and then plummeted to $137, causing $68M of assets to be liquidated, making it the most liquidated token.
— Lookonchain (@lookonchain) January 1, 2024
We noticed that the #Tellor team deposited 4,211 $TRB($2.4M) after the price of $TRB skyrocketed.
Address:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
Read More: SOL Surges Beyond $100, Marking a Sizzling Month for Solana
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