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Reading: Tellor (TRB) Coin Review: On-chain Analysis and Future Expectations
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COINTURK NEWS > Altcoin News > Tellor (TRB) Coin Review: On-chain Analysis and Future Expectations
Altcoin News

Tellor (TRB) Coin Review: On-chain Analysis and Future Expectations

In Brief

  • Crypto investors have been in a bear market for 9 months, and the past few months have been frustratingly shallow. Although there has been a slight recovery, most altcoins have not moved far from their all-time lows. On the other hand, some exceptional altcoins have brought significant gains to their investors. Tellor (TRB) has ranked […]
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COINTURK NEWS 2 years ago
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Crypto investors have been in a bear market for 9 months, and the past few months have been frustratingly shallow. Although there has been a slight recovery, most altcoins have not moved far from their all-time lows. On the other hand, some exceptional altcoins have brought significant gains to their investors.

Tellor (TRB) has ranked high among the top gainers this week in the cryptocurrency market. On-chain analysis provides insights into the underlying factors driving the ongoing price rally of Tellor (TRB) and how long it can continue. This project is actually an oracle solution, offering a decentralized solution to bring real-world data to the blockchain. When we talk about blockchain-based oracle solutions, the first thing that comes to mind is Chainlink, and yes, we can say that Tellor falls into that category as well.

This month, the price of TRB Coin increased by 134% to reach $35. The global payment platform SWIFT Network announced that it is using the Chainlink infrastructure in tests to tokenize traditional finance (TradFi) and bring real-world assets to the blockchain. With this announcement, the price of TRB Coin started to rise.

Tellor (TRB) Future

On-chain data indicates that short-term speculators are driving the rally. So, what does TRB Coin promise while Chainlink, a monopolist in the oracle field, exists? There is evidence that speculators are the main driving force behind the price rally. One such evidence is that short-term TRB traders have increased their balances by over 2,000% in the past month. As shown below, as of August 13, short-term investors had only 91,130 TRB tokens in their cumulative balances. However, as of September 13, this number has increased by 2,096% to reach 1.9 million TRB tokens.

Meanwhile, long-term investors and partners of the Tellor protocol are closing their positions. This recent price increase is an indication that it may be driven by speculative buying and selling rather than organic growth in the fundamental value of the Tellor network. This also suggests that there is a risk of the price quickly reversing in the coming days.

TRB Coin seems to be an example that shows why investors should be cautious about rallies in bear markets. It is not certain, but a possible drop would not be surprising. Another possibility is that short-term traders may push the price even higher and then sell.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 14 September, 2023 - 11:14 pm 14 September, 2023 - 11:14 pm
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