On the last day of the year, the cryptocurrency market witnessed a dramatic surge reminiscent of a bull season, highlighting the volatile nature of the market. TRB Coin, unexpectedly for many, soared past $600, only to experience a significant pullback shortly thereafter.
The price of TRB Coin skyrocketed over 60 times within approximately 140 days, leveraging excitement in the Real-World Asset (RWA) space. This surge was further propelled by speculative traders with a high-risk appetite towards the end of December. However, the coin has since dropped below the $200 mark after losing its support at $235.
Should TRB Coin close below $179, it could potentially slide towards $123 and $105. The long wick in the current candlestick suggests buyers are stepping in at lower levels. With a market cap of $491 million, TRB Coin ranks as the 108th largest cryptocurrency, and its tiered rise made surpassing $600 a possibility.
If TRB Coin continues to engage in notable projects within the RWA sector, it could revisit these high levels in the long term. However, the recent 24-hour trading volume of $2.5 billion indicates a highly speculative market, warning investors to exercise caution due to the potential for rapid declines triggered by those who bought at much lower levels.
A significant price drop of 70% followed the announcement by on-chain analysis firm Lookonchain that the Tellor team deposited 4,211 TRB Coins, worth $2.4 million, into Coinbase. The price was nearing its peak above $600 at the time, and the news spread rapidly, causing the sharp decline.
This price movement can be attributed to a skittish investor base chasing speculative gains, which inflated the price to unsustainable levels before the crash. More concerning than the $2.4 million transfer are the 14 whale wallets controlling 76% of the token supply, which poses a significant risk for pump and dump schemes. Similar price movements in the coming months would not be surprising for TRB Coin.