Tellor (TRB) Experiences Sharp Price Drop from $600 to $137 which shook all the investors and traders. Within 24 hours of reaching an ATH, the decline was unexpected. This created a bearish momentum among the traders as $68 Million was liquidated as a result of this drop.
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Tellor drop from $600 to $137 leads to $68M in Liquidations
Tellor Team Injects 4,211 TRB ($2.4 million) Amidst Intense Volatility. In a dramatic turn of events, Tellor (TRB) witnessed a roller-coaster ride, reaching an all-time high of $600 before plunging to $137 within 24 hours.
This sudden volatility triggered a substantial $68 million in liquidations, marking TRB as the most liquidated token in recent trading history. Crypto analytics platform Lookonchain alerted the X (formerly Twitter) community about this TRB crash, resulting in the liquidation of $68 million worth of assets, making it the most liquidated token.
Lookonchain also noted that the Tellor team deposited 4,211 TRB, equivalent to $2.4 million, following the sharp TRB price increase.
Over the last 24 hours, TRB surged to $600 and then plummeted to $137, causing $68 million in asset liquidations, making it the most liquidated token. We observed that the Tellor team deposited 4,211 $TRB ($2.4 million) after the TRB price spike.
From All Time high to a sharp decline
The sudden surge in the token value of Tellor, a decentralized oracle network, caught the community and investors off guard. This led to the liquidation of numerous leveraged positions, resulting in significant losses for traders and investors alike.
At the time of reporting, Tellor’s price has partially recovered to $185, representing a staggering 34.05% decline in the last 24 hours, leaving the market in uncertainty.
Market Manipulation?
The Tellor team’s response, particularly their decision to deposit 4,211 TRB after the price spike, has raised eyebrows in the crypto community. This move has sparked discussions within the crypto community, with some questioning the motives behind such a deposit during a period of extreme price volatility.
Crypto tracking service Spot On Chain shared insights on the situation, mentioning in a tweet that both long and short positions were cleared out by whales. This observation suggests that significant market participants, often referred to as whales, may have played a significant role in the drastic price movements and subsequent liquidations.
As the crypto market remains inherently volatile, incidents like these serve as a stark reminder of the risks associated with trading and investing in digital assets.
The Tellor community and market participants will undoubtedly closely monitor the situation, seeking clarity on the factors contributing to the extreme price fluctuations and the subsequent impact on the project’s long-term viability.
Conclusion
To conclude, the decline from $600 to $137 in TRB was unexpected after the all-time high in the last 24 hours as a result of which $68 million was liquidated. The investors and traders think that the whales have played a major role in the price movements. But the market is bearish related to Tellor at the moment. But it is expected to recover soon and reach new ATH.
Note: It’s a research based article not a financial advice.
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