A crypto whale identified as 0xeb1 has made a substantial deposit of 10,486 Tellor (TRB) tokens, valued at approximately $1.38 million, to the Coinbase exchange. This move comes amidst a surge in the price of TRB, which has witnessed a 131% increase over the past week, as per data from onchain analytics firm, Spotonchain.
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Notably, the whale had previously withdrawn the same TRB tokens from Coinbase at an average price of $76.59 between March 5 and May 1, 2024, for an estimated cost of $803,000. However, with the price surge, the whale stands to realize an estimated profit of $581,000, representing a substantial 72.4% gain if the tokens are sold at the current value.
Read also: Why Is Tellor (TRB) Price Up By 42%? This Could Be the Beginning of Massive Upward Spikes
Moreover, this particular whale is not alone in their move, as four additional whales have collectively deposited a total of 41,450 TRB tokens, valued at approximately $5.37 million, to Coinbase at an average price of $129.45 over the past two days.
The Price Could Retrace in the Short-Term
As earlier reported by Captain Altcoin, data from Santiment, a cryptocurrency analysis platform, revealed a sudden spike in whale transactions and address activity related to TRB. This increase in whale activity and buying pressure likely contributed to more than doubling TRB’s market capitalization from $143.32 million on April 30th to $318 million as of May 8th.
While the reasons behind these whale movements remain speculative, the surge in TRB’s price and the growing whale interest on Coinbase suggests that large investors may be preparing to cash out their holdings and realize substantial profits. However, such sell-offs could trigger a market correction and potentially disrupt the upward trend of TRB’s price.
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Show more +Tellor’s Price Action
According to the latest pricing information from CoinGecko, Tellor (TRB) trades at $136.28, representing a 4.20% price increase in the last 24 hours and a 103.07% price increase over the past week. Nevertheless, the crypto market remains highly volatile, and such substantial whale movements can impact market sentiment and price trajectories.
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