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.
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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.
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