A mysterious and affluent cryptocurrency whale has recently executed a strategic move in the crypto space that has left experts and enthusiasts astir. This deep-pocketed investor has transferred a staggering nine-figure sum in Tellor ($TRB) tokens, a relatively obscure Ethereum-based digital asset, out of cryptocurrency exchanges. This intriguing maneuver follows a meteoric surge in the token’s value, skyrocketing by more than 200% in recent weeks. As a result, the whale has shifted over one-third of the circulating supply of this altcoin, marking a substantial shift in the market.
Blockchain aficionado Colin Wu, known for his astute reporting on crypto trends, disclosed that the whale orchestrated this move, withdrawing a jaw-dropping 872,600 $TRB tokens from various cryptocurrency exchanges. These tokens are valued at approximately $116 million, representing 34.5% of the overall circulating supply.
Throughout September, this enigmatic cryptocurrency whale executed three distinct $TRB token transactions, each comprising 100,000 tokens. These transactions were notably destined for the renowned cryptocurrency exchange Binance, ostensibly signaling the whale’s intent to capitalize on the tokens, which account for a substantial 21.4% of the circulating supply.
The remarkable ascent of $TRB’s price, surging over 200% since late August and boasting an impressive 77% year-to-date gain, has captured the attention of both investors and market analysts. Notably, this remarkable rise occurred within the last 30 days, coinciding with notably low liquidity in the cryptocurrency landscape.
However, in the past 24 hours, this thriving altcoin encountered a hiccup as it witnessed a significant 25% decline in value, plummeting from $38.6 to $29 at the time of writing. This dramatic price shift is linked to the whale’s decision to offload their tokens onto the market. During this tumultuous period, the 24-hour trading volume of the cryptocurrency surged by a remarkable 54%, reaching $143 million, according to available data.
Tellor, the focal point of this whale’s attention, is a decentralized oracle network that facilitates Ethereum smart contracts in accessing external data. Its TRB token fuels this network. Wu speculates that the whale’s motive could involve a strategic maneuver to manage the token’s circulation, potentially aimed at securing contract income and maximizing funding rates.
This intriguing activity unfolds against the recent approval granted to the collapsed cryptocurrency exchange FTX by the U.S. Bankruptcy Court for the District of Delaware. This approval permits FTX to sell and invest its cryptocurrency holdings, valued at a staggering $3 billion, to settle its debts with creditors. Analysts now speculate on the impact of these massive holdings being released into the market, adding further uncertainty to the evolving crypto landscape.