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Crypto whales recently moved $5.46 million worth of Tellor (TRB) tokens to central exchanges. This step could highlight potential sales affecting the token’s market dynamics. The activities of Tellor whales coincide with significant price volatility, indicating a possibility for profit.
Continued Whale Sales in TRB
Blockchain data analysis platform Spot On Chain tracked a significant transaction where the 0xf2b crypto whale wallet deposited approximately $1.32 million worth of 10,582 TRB into Coinbase. The crypto whale executed the transaction at around $124 per token, having previously withdrawn tokens at an average price of $57.7.
Thus, it is estimated to gain about $706,000 in profit, which translates to a 116% gain in about two months. Additionally, other crypto whales have also repeated this low buy and high sell model from early March to May 2024. The Spot On Chain team stated:
“Remember the sixth whale who withdrew TRB from Coinbase between early March and May, and after a price increase of up to 108%, deposited all tokens back to CEX for profit in the last three days.”
For example, another crypto whale wallet, 0xeb1, deposited approximately $1.38 million worth of 10,486 TRB into Coinbase. The crypto whale withdrew TRB at an average price of $76.59 and held the assets for over two months, achieving a return of 72.4%, which equates to a profit of $581,000.
Moreover, a third crypto whale wallet, 0xb4b, implemented a similar strategy, selling approximately $1.4 million worth of TRB tokens and earning $488,000 in profit. Another crypto whale, 0xfac, deposited 10,375 TRB into Coinbase, earning an estimated $461,000 in profit.
TRB Chart Analysis
These strategic steps underline a common approach among crypto whales to maximize returns within relatively short trading periods. Despite these significant sales, TRB’s market performance has shown resilience. The token recently experienced a rapid price movement followed by a consolidation phase resembling a flag, indicating a bullish continuation pattern known as a bull flag.
This breakout suggests that TRB could extend its upward trend, as suggested by popular crypto analysts with a potential target of $232. However, if TRB falls below its critical support level of $115, this bullish forecast will be invalidated. As TRB continues to show strong market movements, stakeholders need to closely monitor these developments.
