The native asset of the Tellor Tributes protocol, TRB, has reached an all-time high of $247.88, continuing its unstoppable price rally. Despite a slight pullback, TRB is trading at $243.96 with a market cap of $616.9 million. Even as on-chain data sends negative signals, analysts remain optimistic about the altcoin’s potential.
TRB’s price has surged by approximately 2000% in just the last three months, marking a mega rally. Analysis of the Tellor ecosystem reveals that out of the 2.5 million TRB in circulation, about 1.7 million are held on crypto exchanges. Notably, a group of 20 large investors controls around 660,000 TRB, which corresponds to about 95% of the circulating supply. Access NEWSLINKER to get the latest technology news.
Whales began accumulating TRB aggressively at a cost of $15 during August and September. Since then, the value of TRB has increased by 15 times, yielding significant returns through continuous purchases. These investors have amassed an unrealized gain of $80 million and a realized gain of $40 million, totaling $120 million in profits.
Recent movements indicate that these whales have been transferring their TRBs to exchanges in the last two months, raising concerns about a potential pump-and-dump scheme. This increases the likelihood of liquidating their investment portfolios and influencing market dynamics. Amidst this dramatic price increase, some analysts have started to point out the possibility of major market manipulation. A crypto analyst on the Cilinix Crypto YouTube channel highlighted significant fluctuations in TRB’s price, suggesting these movements could indicate market manipulation.
Crypto analyst and trader Phoenix ICF commented on TRB’s recent surge, emphasizing that $145 could be a strong support level on the weekly chart and pointing out two potential scenarios. The first scenario is a retracement to $145, which would confirm the transformation of previous resistance into support, presenting a significant buying opportunity.
The second scenario highlighted by the analyst is the continuation of TRB’s upward momentum due to its positive market and technical structure. With TRB trading at all-time highs, there is no specific potential upside target at the moment.