Crypto Whale Makes $116 Million Move Amidst Altcoin Surge
A wealthy altcoin holder recently withdrew a substantial amount of an Ethereum (ETH)-based cryptocurrency from exchanges after experiencing significant price surges.
Colin Wu, a prominent crypto reporter, first observed this whale action. The whale, controlling 21% of the Tellor Tributes supply, withdrew roughly $116 million worth of TRB tokens from exchanges.
Since August 30, this whale has withdrawn a total of 872,600 TRB (currently valued at $116 million) from exchanges. This represents 34.5% of the circulating supply.
Notably, on September 4th, 9th, and 15th, three separate transfers of 100,000 TRB tokens each were conducted, and these tokens were transferred to Binance. As of now, the whale still retains 540,000 TRB tokens, accounting for 21.4% of the total circulation.
TRB is the native token for Tellor, a decentralized oracle network that connects Ethereum smart contracts to external data sources.
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At the time of this report, TRB is trading at $31.75, marking a remarkable 222% increase in the past 30 days.
Wu speculates that this whale may be attempting to gain control over a substantial portion of liquid TRB tokens to manipulate funding rates and profit from open futures contracts.
Starting from August 30, TRB prices have surged from $14.45 to $46.3. In the past 24 hours, TRB’s spot trading volume has been only $184 million, with a contract volume of $6.748 billion. It is conceivable that the whale aims to control the spot circulation of TRB to take advantage of contract earnings and high funding rates.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
