simply put
Tellor (TRB) surged in value in May, doubling its market cap.
This growth is attributed to the increase in crypto whale activity in the TRB network.
Market experts expect the TRB price to have the potential for further upward trend.
In May, the decentralized oracle network Tellor (TRB) has significantly outperformed expectations, doubling its market cap at the beginning of the month. As of April 30, TRB had a market cap of $143.32 million. As of the morning Asian market hours on May 7, this figure has soared to an impressive $247.81 million.
This massive growth is consistent with a notable increase in crypto whale activity. Moreover, it suggests that a wave of profit-taking could be affecting market dynamics.
Uncovering the secrets behind Tellor’s surge in market value
Data from blockchain analysis platform Santiment shows a surge in crypto whale transactions and active addresses involving TRB. Specifically, on May 6, the number of daily active addresses was 212, and there were 16 whales with transactions exceeding $100,000.
This is in stark contrast to May 1, when there were only 131 active addresses and no major crypto whale transactions. However, this activity indicates growing investor interest and the potential to profit from TRB.
TRB whale activity. Source: Santiment
Despite this, cryptocurrency analysts remain optimistic about TRB’s price trajectory. Analyst Javon Marks highlighted Tellor’s market strength and expects a continued upward trend.
Marks commented: “TRB (Tellor) is now starting to show major strength after remaining in bullish mode and could still be poised for a massive 315% rally back to $261.”
He then reiterated his positive outlook, highlighting TRB's price reaction to recent patterns. This optimistic analysis is further supported by the observed technical patterns. Price action is forming higher lows, coupled with the momentum oscillator making lower lows, indicating that TRB will continue to rise.
TRB price performance. Source: X/JavonTM1
As of the latest update, Tellor is trading at $95.78, up 4.7% in the past 24 hours. However, over the past seven days, the cumulative price increase has exceeded 70%, reflecting a strong upward trend that is likely to continue, as market experts predict.
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