The native token of decentralized oracle network Tellor (TRB) has seen an astronomical rally over the past two months, surging over 680% year-to-date. Crypto analysts say they are not shocked by the price action, citing intentional spot bids and on-chain data flows. TRB is up over 220% in the past 30 days alone and is trading at $117 at press time.
According to on-chain analyst Skew, the rally was “completely orchestrated” through intentional spot bids that served to spark initial momentum. Large longs then exited into short covering liquidations, allowing longs to close out positions before letting spot bids run again.
“Retail is used as both liquidity for momentum & exit liquidity,” the analyst tweeted, referring to retail traders.
Crypto analyst Bilal Nasir Khan echoed this assessment, noting that top TRB holders are predominantly wallets rather than exchanges. With over 25% of tokens held in these wallets, significant on-chain activity likely fueled the sharp price uptick.
Source: altFINS – Start using it today
Tellor aims to provide reliable real-world data to blockchain applications through a network of staked information providers. The oracle cryptographically verifies data points via Proof of Stake, allowing DeFi platforms, NFTs, and metaverse projects to access trusted off-chain information.
As more developers integrate Tellor oracles, demand for the TRB token may continue increasing. But analysts caution the vertical rally could be just as short-lived. Traders will be monitoring on-chain signals to see if the momentum is sustainable.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com