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The surge in Altcoin prices has been taking place in the past few weeks. Following Cyberconnect (CYBER) soaring 350% in less than five days , and Perpetual Protocol (PERP) soaring 188% in three days last week, this week the oracle project Tellor (TRB ) takes over the popularity and continues to stage a surge.
TRB soared nearly 300%
According to TraidingView, since August 30, the TRB price has risen from a maximum of $14 to $46.3, with an increase of 292% during the period. The increase has accelerated this week, with a single-week increase of more than 100%, and the spot trading volume has also increased from 48 million to 48 million. USD grew to US$100 million.
TRB has fallen slightly before the deadline, temporarily trading at US$39.0, and its market value has currently exceeded US$100 million.
TRB Terrorist Financing Rate - 2000%
Coinglass data shows that the contract aspect is even more astonishing, with contract trading volume increasing from approximately US$340 million to US$5.5 billion. In the past 24 hours, TRB spot trading volume was only US$184 million, while contract trading volume reached US$6.2 billion.
It is worth noting that despite TRB’s continuous surge, its funding rate has remained at a high level of -2% to -3% for many days, which means that the short side needs to pay the long side a terrifying rate of about 2160% on an annualized basis.
Whale once hoarded 34% of the supply
And why are funding rates “maintained at a high level”? Some analysts speculate that this may be related to the whale control of prices "by controlling the spot circulation of TRB."
On-chain data analyst Lookonchain monitors that since August 30, a whale has withdrawn a total of 872,600 TRB (currently worth US$116 million) from various exchanges, accounting for approximately 34.5% of TRB’s current circulation.
Subsequently, 331,825 TRB (a total of 13 million US dollars) were deposited into Binance on 9/4, 9/9 and 9/15. Currently, the whale still holds 540,000 TRB, accounting for approximately 22% of the circulating supply. The associated address is:
- 0xCcE7300829f49B8f2E4AEe6123b12DA64662a8b8
- 0x50Cbc6faeEE68FB63e0A3c8ac8Cda8A8505c960B
- 0x0CFbB2a952bf8BF605bE011872099CB1714A9E5A
In other words, this giant whale first hoarded more than 30% of TRB's circulating supply to push up the price of the entire currency, and then "shipped" part of the profits in batches. What's even more powerful is that This whale is also earning a terrifying annualized rate of about 2160% while TRB is skyrocketing.
