💵 According to BeinCrypto: $TRB Market Cap Soars Over 70% – What’s Driving the Growth?

In May, Tellor (TRB), a decentralized oracle network, significantly outperformed expectations, doubling its market capitalization early in the month. As of April 30, TRB’s market value was $143.32 million. By the morning of May 7, in Asia market hours, this figure had surged to an impressive $247.81 million.

This substantial growth aligns with a noted increase in crypto whale activity. Furthermore, it suggests a wave of profit-taking may influence the market dynamics.

Data from the blockchain analytics platform Santiment revealed a spike in crypto whales’ transactions and active addresses involving TRB. Specifically, on May 6, there were 212 daily active addresses, and whale transactions exceeded $100,000, totaling 16.

This starkly contrasts with May 1, which saw only 131 active addresses and no significant crypto whale transactions. However, this activity indicates a growing investor interest and potential for profit-taking from TRB.

Despite this, crypto analysts remain optimistic about TRB’s price trajectory. Analyst Javon Marks, highlighting Tellor’s market strength, anticipates a continued upward trend.

He then reiterated his positive outlook, highlighting the responsiveness of TRB prices to recent patterns. This optimistic analysis is further supported by the technical patterns observed. The formation of higher lows in price action coupled with lower lows on the momentum oscillator suggests a bullish continuation for TRB.

As of the latest updates, Tellor trades at:

- $106.57 on OKX exchange

- $106.60 on WhiteBIT exchange

- $106.53 on KuCoin exchange