[Crypto whale sold $5.46 million worth of Tellor (TRB)]

Recently, on-chain analytics platform Spot On Chain discovered that a cryptocurrency whale wallet, 0xf2b, deposited 10,582 Tellor (TRB) tokens into Coinbase, with a total value of approximately $1.32 million, and was trading at approximately $124 at the time.

The wallet had withdrawn these tokens at an average price of $57.7, so it was expected to make around $706,000 in profit, a 116% increase in value in just two months. Apart from this, several other whales also utilized a similar buy low, sell high strategy between March and May 2024.

Spot On Chain notes that this is the sixth whale between March and May to take advantage of a 108% price increase and re-deposit coins into Coinbase to realize profits. For example, another wallet, 0xeb1, deposited 10,486 TRB to Coinbase with a transaction value of approximately $1.38 million. The whale withdrew TRB at an average price of $76.59, making a profit of $581,000 after two months, a return rate of 72.4%.

A third whale wallet, 0xb4b, followed a similar strategy and realized a profit of $488,000 (54.5%) by selling approximately $1.4 million worth of TRB. Another whale, 0xfac, deposited 10,375 TRB worth approximately $1.36 million to Coinbase, making an estimated profit of $461,000.

The strategic trading of these whales highlights their common approach to maximizing returns over a short period of time. Despite the massive sales, TRB has shown resilience in the market. The coin recently broke out from a bull flag pattern, a bullish continuation pattern that typically occurs after a consolidation phase of rapid price movement.

Crypto analyst Emre predicts that TRB may continue its upward trend, with a possible price target of $232. However, this bullish prediction will no longer hold true if TRB breaks below the key support level at $115. As TRB continues to demonstrate strong market dynamics, stakeholders should pay close attention to these developments.

#鴉快訊 $TRB