Crypto Whale Withdraws $116M of TRB, Up 222% in Past Month
A Wealthy Altcoin Holder Withdraws a Nine-Figure Sum of an Ethereum (ETH)-Based Crypto Asset from Exchanges Following Parabolic Rallies
Initially identified by cryptocurrency journalist Colin Wu, a prominent whale holding approximately 21% of Tellor Tributes' total supply has recently withdrawn approximately $116 million worth of TRB tokens from various exchanges.
Wu reports, "A whale, represented by three associated addresses, has withdrawn a cumulative total of 872,600 TRB tokens, presently valued at $116 million, from exchanges starting from August 30. This withdrawal represents 34.5% of the circulating TRB supply. Notably, on September 4th, 9th, and 15th, three separate transfers of 100,000 TRB each were executed and moved to the Binance exchange. As of the current status, this whale retains 540,000 TRB tokens, accounting for 21.4% of the circulating supply."
TRB functions as the native token for Tellor, an decentralized oracle network facilitating the connection of Ethereum smart contracts to external data sources.
At the time of this report, TRB is trading at $31.75, registering an impressive 222% surge over the past 30 days.
Wu speculates that this significant whale activity may be motivated by a desire to dominate a substantial portion of the liquid TRB tokens, potentially to influence high funding rates and reap profits from open futures contracts. He notes, "Starting from August 30, TRB prices have surged from $14.45 to $46.3. In the past 24 hours, TRB's spot trading volume amounted to just $184 million, while contract volume reached $6.748 billion. It is possible that the whale aims to control the circulating TRB supply to leverage it for contract earnings and capitalize on elevated funding rates."
Sep 18, 2023