Can the driving force behind the surge in TRB help its price continue to rise? Is TRB still worth buying? This article will give you an in-depth analysis of TRB's price trend. Don't miss it!
TRB's surge in September was mainly due to the buying of stocks by whales; the rise in mid-October was due to macro market sentiment.
The Tellor protocol itself has no obvious highlights. The price of its token is not proportional to the development of the project. The overall value is overestimated and there is a large bubble.
There are currently three whale addresses controlling approximately 25.7% of the total supply of TRB, worth more than $65.3 million.
TRB price is likely to continue climbing to $110-150 in the short term
TRB
Tellor is a decentralized oracle network platform for integrating high-value off-chain data into Ethereum. The system uses a controversial network of miners to compete to solve the PoW problem, monitor user data requests on the chain, and monitor and receive data requests off-chain. Each successful Tellor data point will be mined using tokens, and the company will take out a 10% development share to support the development of the ecosystem
Analysis of the reasons for the surge in TRB
The initial starting point
TRB's initial surge began in September 2023. According to TokenInsight data, TRB's price began to rise significantly on September 7, soaring from a dozen US dollars to a high of US$45 within a week, and finally exceeded US$60 at the end of September, with a monthly increase of 275%.
So what caused the surge in TRB?
According to our research, the main reason for TRB's surge in September was the pull of whales.
Since August 30, the whale has accumulated about 441,813 TRB, equivalent to about 41.44 million USD (based on the Oct. 25 TRB price), accounting for 17.39% of the current total supply of TRB.
In fact, this address has been the address holding the most TRB since September. According to the on-chain transaction records, this address conducted a series of suspected price manipulation operations in September, which directly led to a rocket-like rise in the price of TRB.
The whale's behavior is likely to be to pump up the price of TRB. It successfully increased the price of TRB from more than a dozen dollars to nearly 4 times through multiple transactions with huge trading volume. Since TRB's market value was relatively low at the time, the impact of the whale's pumping on its price was quite obvious.
Second rise
After the initial surge, the price of TRB stabilized at $45-50 in early October. Then, influenced by a series of Bitcoin spot ETF news, the sentiment of the entire crypto market continued to rise, forming a small bull market. The price of TRB also rose, from $50 to a maximum of $95 between October 15 and 25, an increase of about 90%. Compared with the average market increase of 20-30%, TRB has become one of the biggest beneficiaries in this bull market caused by market sentiment.
TRB specific analysis
According to the token economy released by Tellor, the issuance of TRB is linked to the data submission reward. Therefore, as of now, the total supply of TRB is growing relatively slowly, and its price will not suddenly fall due to a large increase in issuance.
So what are the main factors that affect the price of TRB? The answer is obvious: the whales holding TRB
In addition to the whale mentioned above, which ranks first in the TRB Top Holder List (it holds 17.39% of the current total supply of TRB), there are two anonymous addresses that currently hold a large amount of TRB.
According to statistics, these three whale addresses control nearly 25.7% of the total supply of TRB. Based on the current market price, the holdings are worth more than $65.3 million.
Since TRB currently has a low circulation, its price is more easily manipulated by whales. Whether it is a pull or liquidation, these whales will have a significant impact on the price of TRB. And according to the current upward trend of TRB, it is very likely that these whales will suddenly liquidate their holdings one day. This may cause a sudden plunge in the price of TRB, causing an overall collapse.
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