There have been sharp increases in altcoins for several consecutive weeks. After Cyberconnect (CYBER) soared 350% in less than five days, and Perpetual Protocol (PERP) surged 188% in three days last week, the oracle project Tellor (TRB) continued to surge this week.

TRB surged nearly 300%

According to TraidingView, since August 30, the price of TRB has risen from US$14 to a maximum of US$46.3, an increase of 292%. This week, the increase accelerated, with a single-week increase of more than 100%, and the spot trading volume increased from US$48 million to US$100 million.

As of press time, TRB has fallen back slightly, temporarily reporting at US$39. Its current market value has exceeded US$100 million.

TRB Terror Fund Rate -2000%

Coinglass data shows that the contract volume is even more amazing, with the contract trading volume increasing from about $340 million to $5.5 billion. In the past 24 hours, TRB's spot trading volume was only $184 million, while the contract trading volume reached $6.2 billion.

It is worth noting that despite the continuous surge in TRB, its funding rate has remained at a high level of -2% to -3% for many days, which means that the short side needs to pay the long side a terrifying annualized rate of about 2160%.

Whales once hoarded 34% of the supply

Why is the funding rate "maintained at a high level"? Some analysts speculate that this may be related to the whales controlling the price "by controlling the circulation of TRB spot."

According to the monitoring of on-chain data analyst Lookonchain, since August 30, a whale has withdrawn a total of 872,600 TRB (currently worth US$116 million) from various exchanges, accounting for about 34.5% of the current circulation of TRB.

Subsequently, 331,825 TRB (a total of 13 million US dollars) were deposited into Binance on 9/4, 9/9 and 9/15. Currently, the whale still holds 540,000 TRB, accounting for about 22% of the circulation. The associated address is:

  • 0xCcE7300829f49B8f2E4AEe6123b12DA64662a8b8

  • 0x50Cbc6faeEE68FB63e0A3c8ac8Cda8A8505c960B

  • 0x0CFbB2a952bf8BF605bE011872099CB1714A9E5A

In other words, this whale first raised the price of the entire coin by hoarding more than 30% of the TRB circulation, and then "sold" part of the profits in batches. What's more amazing is that while TRB was skyrocketing, the whale was earning a terrifying annualized fee rate of about 2160%.