After a month of slump, the market rebounded this week, with BTC, Sol tokens, and AI concept tokens all seeing good gains. In general, the certainty of this wave of recovery is relatively strong, and after a week, it has brought hope to the community that has been in the dark for a long time.
Today, the market experienced a slight correction. According to Coingecko, among the top 100 crypto tokens by market value, most of them are falling, and the popular ones have dropped by 2%-10%. In the somewhat boring market, some special currencies have emerged.
There are two "well-known" tokens that rose against the trend today, one is the bankrupt coin FTT, and the other is the demon coin TRB. The reason for the rise of FTT may be related to the creditor compensation plan submitted by FTX, while TRB is more intriguing.
TRB is the token of the decentralized oracle Tellor project, which was born in 2019. In the past week, TRB has risen rapidly from $45, and the increase today is even more eye-catching. As of 2 hours before writing, it has risen by 20%, and has now exceeded $140. After rising more than three times in a week, TRB's position is still nearly 4 times the previous high of over $600, and there should be many trading players who are interested.
If you are also tempted to try, you might as well review TRB’s “demon coin” history before opening an order.
From 2022 to September 2023, the price of TRB has never exceeded $50. Most of the time it was around $10. Starting from September 2023, TRB rushed to $40 in less than a month. In November, TRB broke through $100, approaching its previous high.
New Year's Eve on December 30, 2023, became the "contract withdrawal moment" for many traders. That night, after a steady rise to $300, TRB began to plummet by more than 25% at 8 pm, and fell to around $200 within 2 hours. At this time, TRB was still at a high level in its past trend, and its downward trend triggered more short operations, but TRB began to rise sharply immediately, quickly hitting a new high, and rose all the way to $629, a six-hour increase of 165%.
Without any warning, TRB began to plummet at 6 a.m. on January 1, falling nearly 70% in one hour. With both long and short positions exploding, TRB’s liquidation on that day reached $55.48 million, more than twice the liquidation of ETH ($19.49 million) during the same period.
On that day, in addition to the heavy losses suffered by contract players, decentralized trading platforms were also affected. @kain.eth, the founder of the decentralized synthetic asset issuance protocol Synthetix (SNX), said on the X platform that the abnormal volatility of TRB caused SNX pledgers to lose about 2 million US dollars. In addition, due to the excessive volatility of tokens, there was a price difference of nearly 40% between centralized trading platforms.
The reason why TRB was able to take the "roller coaster" route is related to its too small circulation of tokens, with less than 260,000 TRB in circulation. According to community analysis, most of TRB's chips are concentrated in the hands of a few dealers. In the "bloodbath" that night, the dealers only needed to invest $40 million to raise TRB from $280 by 80%, easily controlling the power to draw the line.
Back to this rise, a week ago, when TRB started to rise from 45 US dollars to 60 US dollars, many warnings appeared in the community: "TRB has started to act up again, don't be fooled, even if you want to play, you must set a stop loss, and don't fight the dog dealer." However, when TRB broke through 100 US dollars, 120 US dollars and even 130 US dollars, more and more contracts about TRB were posted.
In fact, one month before the "bullish-bearish bloodbath" at the beginning of the year, TRB had experienced two single-day fluctuations of nearly 50%. But these fluctuations did not hinder the enthusiasm of traders. After a four-month break, TRB made a comeback. From the Coinglass data, it can be seen that the volume of TRB contract liquidations has increased significantly since May 1. After having "experience", can arbitrageurs get out of this unscathed?
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