TRB Surges Amidst Massive Withdrawals Nearing 50% of Total Supply

Tellor’s TRB token has drawn attention recently as whales continue to move it around in massive transactions. Lookonchain, a leading web3 analysis platform, recently revealed that newly created wallets have accumulated and withdrawn an enormous amount of TRB from Binance and other exchanges. According to the data, a total of 22 fresh wallets have accumulated nearly 50% of the total supply of TRB tokens since August 25, at an average price of $42.

Fresh Wallet withdrew $TRB from #Binance again.

Since Aug 25, a total of 22 fresh wallets have accumulated 1,185,269 $TRB ($111.4M, 46.7% of. the total supply) from exchanges at an average price of $42.

These wallets have an unrealized profit of $61.5M at current prices. pic.twitter.com/HlGnuyt92d

— Lookonchain (@lookonchain) October 25, 2023

They have since withdrawn from exchanges 1,185,269 TRB worth $111.4 million, constituting 46.7% of the total circulating supply. Lookonchain reported that the wallets collective unrealized profits from this activity now sit at $61.5 million.

Over the past few days, Lookonchain has documented the accumulation of TRB by these wallets in a series of X posts. On October 22, a fresh wallet reportedly withdrew 18,296 TRB tokens worth $1.14 million from Binance. In a subsequent post on the same day, Lookonchain claimed that seven wallets responsible for the withdrawal of over $20 million in TRB tokens had gained a profit of $10 million since acquiring the tokens in September.

While TRB has seen a substantial surge in its price amid the accumulation by whales, the crypto community is speculating on extreme market volatility. At press time, TRB has a market cap of $253,044,205 and is changing hands at $102.19. TRB’s current price is demonstrative of a bullish trend, enjoying a hike of 21.81% in one day, 80.41% in seven days, and 189.53% in 30 days.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source