Recently, a total of $5.46 million worth of Tellor (TRB) tokens were moved to centralized exchanges in a notable series of moves by crypto whales.
This indicates potential sell-offs affecting the market dynamics of the token. The activity of Tellor whales coincides with TRB's significant price volatility, indicating potential profit taking.
Can TRB Reach $232 Despite Crypto Whale Selling?
On-chain analysis platform Spot On Chain tracked a significant transaction (0xf2b) in which a crypto whale wallet deposited 10,582 TRB (approximately $1.32 million) to Coinbase. The crypto whale executed the transaction at a price of approximately $124.
Previously, this wallet withdrew the tokens at an average price of $ 57.7. Therefore, he will make an estimated profit of $706,000, a gain of 116% in about two months.
Additionally, several other crypto whales copied this buy low sell high pattern between early March and May 2024.
“Finally, please note that this is the sixth whale to withdraw TRB from Coinbase between early March and May and then deposit all tokens back to CEX for profit in the last 3 days after the price rose 108 percent,” Spot On Chain said. .
For example, another crypto whale wallet, 0xeb1, deposited 10,486 TRB (worth approximately $1.38 million) to Coinbase. The crypto whale pulled TRB from an average of $76.59. He held the tokens for more than two months and made a profit of $581,000, representing a return of 72.4%.
Additionally, a third crypto whale wallet, 0xb4b, followed a similar strategy and sold approximately $1.4 million worth of TRB tokens to make a profit of $488,000 (54.5%). Additionally, another crypto whale, 0xfac, deposited 10,375 TRB (~1.36 million) on Coinbase for an estimated profit of $461,000.
These strategic trades underscore a common approach among crypto whales to maximize returns over relatively short trading periods.
Despite these significant sell-offs, TRB's market performance has shown resilience. The token recently experienced a breakout from the bull flag pattern, which is a bullish continuation pattern characterized by a rapid price movement followed by a flag-like consolidation phase.
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