Recently, in the crypto sphere, the Tellor Tribute (TRB) token saw a great upward move after a massive accumulation by whales.
A crypto whale with wallet address “0xdCaCd7EB…” moved 205,000 TRB worth of tokens to the OKX exchange a few hours ago; it is equivalent to $11.78 million. This deposit represents 8% of the overall TRB supply, draws market focus, and results in a wide variety of expectations regarding prices.
Whale Activity and Market Impact
The whale transaction came to light through Lookonchain, a popular blockchain analytics platform. The same whale had also made large transactions on November 9, where two whales transferred a combined 226,741 Tellor Tribute tokens ($12,180,619) to OKX within 12 hours. This combined movement amounted to 8.42% of the circulating supply of TRB, which should draw the attention of traders to the likelihood of a drastic price movement.
TRB Price Surge
After this deposit, the price of TRB rose sharply to $78.69, up by 47% in the last 24 hours. The price hike also went up by 42.3% against Bitcoin and by 39.8% against Ethereum, showing how much the whale deposit affected the markets. TRB’s daily trading volume reached $364.9 million, while its market capitalization stood at over $204 million.
Implications for TRB Traders
The huge whale activity that is seen on OKX, in addition to the increase in the price of Tellor Tribute token, has attracted attention from both small and large-scale investors. Due to the highly volatile nature of the cryptocurrency market, especially when long-standing holders make massive movements, traders are closely observing the Tellor Tribute token price trying to see whether the value will be dumped to the lower price bar or will continue to rise further.
Moving forward, traders and investors in the Tellor Tribute ecosystem will be expecting these whales to either make additional deposits or withdraw their tokens again, which will, in turn, dictate the future prices of Tellor Tribute token.
