Tellor (TRB) Sparks Crypto Buzz in New Year

Tellor (TRB) Sparks Crypto Buzz in New Year

On the morning of January 1, 2024, many investors in the cryptocurrency community had a surprising experience with the price fluctuations of Tellor (TRB). This currency suddenly tripled in a few hours, bringing the price to 629 USD, before suddenly plummeting.

To be more specific, TRB price started to increase from 270 USD on the afternoon of December 31 and continued to increase by 132%, reaching a peak of 629 USD at around 8:00 pm on December 31, 2023 (UTC). However, after that, Tellor suddenly dropped to 168 USD, losing 73% of its value. At the time azc.news wrote the article, TRB’s price was fluctuating around 160 – 170 USD.

On Binance, the TRB/USDT trading pair had more than 800 million USD in 24 hours, second only to BTC/USDT.

The 1-hour chart shows the clear volatility of this trading pair at 01:35 AM on January 1, 2024.

Data from Binance Futures shows that TRB futures contracts consistently have negative funding rates, up to -2%, partly explaining the sharp fluctuations in the spot market.

CoinGlass reports that in the recent 12 hours, more than $50 million in derivatives positions were liquidated, surpassing both BTC and ETH, with $14.4 million in long positions and $36 million in short positions.

With TRB’s sudden price fluctuations, many derivatives trading accounts on Synthetix have earned large profits in a short period of time.

$SNX currently being looted by DWF cartel games and misconfigured parameters https://t.co/rIvW5moIr2 pic.twitter.com/yW4vc2eyKI

— Napgone (@napgener) December 31, 2023

The crypto community is focusing on DWF Labs, an investment fund and market maker that emerged in 2023, and agrees that they may have something to do with TRB’s price movements.

What did he know? https://t.co/6obklBtYIV

— icebergy ❄️ (@icebergy_) December 31, 2023

Related: By the End of 2023, DeFi Industry TVL Exceeds the 50B Mark

Tellor (TRB) is an oracle project, launched in 2020. After a long period of stable fluctuations in the range of 7-9 USD, TRB price began to increase from September. With a price of about 215 USD at the time As of writing, TRB has increased nearly 24 times in just the past 3 months. Recently, last week, Tellor also had a rapid fluctuation from 185 USD to 128 USD in just a few minutes, making many investors untimely.