Tellor’s native token TRB has seen a strong rally this week, surging almost 80% amid high accumulation by new wallets.
According to on-chain analyst LookOnChain, since August 25th, 22 fresh wallets have accumulated a total of 1.185 million TRB worth $111.4 million from exchanges at an average price of $42 per token. This represents 46.7% of the total supply.
These newly created wallets now hold unrealized profits of $61.5 million with TRB currently trading above $100. Just today, the token has surged 16% to over $104.
This buying spree indicates strong confidence in Tellor’s long-term potential and points to new institutional interest in the project. The protocol aims to provide decentralized oracle services for DeFi.
As demand for reliable off-chain data grows within DeFi, Tellor’s solution is garnering attention. The recent rally may suggest investors are betting on Tellor’s expanding role in the space.
With such large accumulations occurring, Tellor’s limited supply floating on exchanges appears to be rapidly decreasing. This supply squeeze indicates potential for further price upside if demand continues rising.
Tellor now ranks within the top 100 cryptocurrencies by market capitalization.
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