An Ethereum-based altcoin experienced a significant price drop after its project team members transferred thousands of tokens to the cryptocurrency exchange Coinbase. Blockchain data tracker Lookonchain reported that the decentralized oracle protocol Tellor Tributes (TRB) underwent a parabolic rise followed by a steep correction, leading to the liquidation of millions of dollars worth of tokens.
TRB’s price soared to $600 on December 31st before crashing down to $137, resulting in a $68 million liquidation, making it one of the most liquidated tokens at the time. Lookonchain noticed that Tellor team members moved thousands of TRBs to Coinbase right after the price increase and just before the crash.
The company revealed that the Tellor team deposited approximately 4,211 TRBs valued at around $2.4 million into Coinbase following the rapid price surge. Since then, TRB has regained some of its losses, trading at $183.64, marking an approximate 18% increase in the last 24 hours at the time of the report.
In November, cryptocurrency analytics firm Santiment observed that wealthy TRB holders aggressively increased their holdings. Investors owning between 1,000 and 100,000 TRBs added up to 15% of the total supply to their assets over a seven-week period, accounting for 46% of the total supply.
This buying frenzy occurred as TRB’s value rose from under $15 in September to $134. Despite a major price correction following the movement of tokens to Coinbase by Tellor team members, resulting in a $68 million liquidation, TRB has shown a partial recovery with an 18% increase in the last 24 hours.