A wealthy altcoin holder recently made a significant move in the cryptocurrency market, withdrawing a nine-figure sum of an Ethereum-based crypto asset from exchanges after an impressive price surge. The transaction was originally discovered by crypto reporter Colin Wu, who observed that a whale controlling a substantial portion (21%) of the Tellor Tributes supply had withdrawn approximately $116 million worth of TRB tokens from exchanges.
Tellor Tributes (TRB) is the native token for Tellor, a decentralized oracle network that facilitates the connection between Ethereum smart contracts and external data sources. The recent price surge has seen TRB trading at $31.75, marking a 222% increase over the past 30 days.
Wu speculates that the whale’s motive behind this massive withdrawal is to gain control of a majority of the liquid TRB tokens. By doing so, the whale could potentially manipulate funding rates and generate income from open futures contracts. This strategy is based on the assumption that with control over most of the circulating TRB supply, the whale can influence the contract volume and funding rates to their advantage.
To better understand the whale’s actions, it is important to examine the price movement and trading volume of TRB. Since August 30, TRB prices have experienced significant volatility, ranging from $14.45 to $46.3. Despite this price fluctuation, the spot trading volume for TRB in the past 24 hours has remained relatively low at $184 million, while the contract volume reached a staggering $6.748 billion. This suggests that the whale may be leveraging their control over the spot circulation of TRB to maximize contract income and exploit high funding rates.
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By withdrawing such a substantial amount of TRB from exchanges, the whale now holds 540,000 TRB, which accounts for 21.4% of the circulating supply. This maneuver significantly consolidates their control over the market, potentially giving them a significant edge in future market movements.
The cryptocurrency community closely follows the actions of such whales, as their movements can have a notable impact on market dynamics. This particular whale’s actions have sparked speculation and discussion among traders and analysts. Their ability to exert influence over pricing and funding within the TRB market raises questions about the level of decentralization and transparency within the crypto space.
It is also important to note that cryptocurrency investments come with inherent risks and uncertainties. The actions of whales like this individual can contribute to increased market volatility and unpredictability. Investors are advised to conduct thorough due diligence and make informed decisions before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets.
While this specific whale’s actions have attracted attention, it is crucial to remember that the cryptocurrency market is vast and diverse, with numerous other projects and developments occurring simultaneously. It is always advisable to stay informed about the latest market trends and news. Platforms like The Daily Hodl provide regular updates on the latest headlines, allowing investors to stay up-to-date and make informed decisions based on current market conditions.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should independently conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at the investor’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it act as an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
