Crypto Whale Cashes out Little-Known Altcoin After It Surged Over 200%
A wealthy cryptocurrency whale has recently transferred a nine-figure sum of a little-known Ethereum-based digital asset out of cryptocurrency exchanges after the value of the asset rose by more than 200%. The whale moved over one-third of the altcoin’s circulating supply....
- A wealthy cryptocurrency whale has withdrawn 872,600 Tellor ($TRB) tokens worth around $116 million from cryptocurrency exchanges.
- The whale's transactions accounted for 34.5% of the token's circulating supply.
- The whale made three transactions of 100,000 tokens each to Binance, potentially to sell them.
- The price of the token has risen over 200% since late August and 190% in the past 30 days.
- In the last 24 hours, the token lost around one-quarter of its value, possibly due to the whale dumping tokens on the market.
- Tellor is a decentralized oracle network, and TRB is the token that powers it.
- The whale's activity may be an attempt to control the token's circulation for contract income and high funding rates.
- The activity coincides with the approval of cryptocurrency exchange FTX to sell and invest its holdings to settle its debt.
The sentiment of the article is mostly negative, as it highlights the potential negative impact of the whale's actions on the token's price and the possibility of dumped funds from FTX affecting the market.