Tellor Tributes protocol’s native asset TRB’s unstoppable price rally continues as the altcoin’s price today soared to an all-time high of $247.88, refreshing its record. TRB is trading at $243.96 with a market cap of $616.9 million at the time of this writing, after a slight pullback. Although on-chain data sends negative signals for the altcoin, analysts’ expectations continue to remain high.
Tellor Whales in Active Buying Mode
TRB’s price has seen a mega rally, increasing about 2,000 percent or 60 times in just the last three months of this year. In addition to this dazzling price increase, an analysis of Tellor’s ecosystem reveals intriguing dynamics. Approximately 1.7 million of the total 2.5 million TRB in circulation are currently held on cryptocurrency exchanges. Notably, a group of 20 large investors controls about 660,000 TRB, corresponding to approximately 95 percent of Tellor’s circulating supply.
Interestingly, it appears that whales began to accumulate TRB intensively in August and September with an investment cost of $15. Since this strategic accumulation, TRB’s value has increased 15-fold, bringing significant gains through continuous purchases. For these investors, the accumulated profit margin has reached $120 million, with $80 million in unrealized gains and $40 million in realized gains.
However, recent movements indicate that these whales have transferred their TRBs to exchanges in the last two months, raising concerns about a potential pump-and-dump scheme. This development increases the likelihood of liquidating growing investment portfolios and influencing market dynamics. Amidst this dramatic price surge, some analysts have also begun to point out the possibility of significant market manipulation. According to a cryptocurrency analyst on the Cilinix Crypto YouTube channel, there have been significant fluctuations in TRB’s price recently. The analyst suggested in a video dated December 22 that the altcoin’s rise from $10 to $140 and subsequent sharp increases and decreases could be indicators of potential market manipulation.
Analyst Highlights 2 Possible Scenarios for TRB
Cryptocurrency analyst and trader Phoenix ICF commented on the recent surge in TRB from his personal X account. The analyst emphasized that $145 would be a strong support level on the weekly chart, pointing to two potential scenarios. The first scenario is a retracement of the price towards $145 after the rally. The analyst stressed that this would confirm the transformation of previous resistance into support, presenting a significant buying opportunity.
The second scenario pointed out by the analyst is for TRB to continue its upward momentum in the short term to achieve more gains, thanks to its positive market structure and technical setup. Since TRB is trading at its all-time high, there is no specific potential upward target at the moment.
