Tellor (TRB) price saw a parabolic run and a subsequent drop that led to massive liquidation in what many have considered an early price manipulation in 2024.
According to data from CoinGlass, the total Tellor liquidation in the past 24 hours has surpassed $73 million, placing it above Bitcoin (BTC) and Ethereum (ETH), whose liquidated volumes are $26.04 million and $25.81 million respectively.
It is quite unusual for an altcoin, especially a low cap one like Tellor, to outrank the duo of BTC and ETH in liquidation figures. However, this was inevitable because TRB soared as high as $602.98, a price that marked it’s All-Time High (ATH), and fell drastically back to $130.34.
The Tellor Team’s Suspicious Moves
At the time of writing, Tellor has partially recovered from its daily low and is changing hands for $186.73, down by 31.97% in the past 24 hours. The token’s market cap has also plunged to $469,798,222, with the trading volume jumping by 1,214.59% to $2,326,682,497 as panic selling grips the community.
Data from crypto analytics provider Lookonchain sheds a mind-boggling insight that looks to indict the Tellor team members.
As revealed, the Tellor team deposited 4,211 TRB worth approximately $2.4 million just at the time the price of the token skyrocketed. Some community members have attributed this move to major price manipulation, but this remains speculative as of press time.
In the past 24 hours, $TRB soared to $600 and then plummeted to $137, causing $68M of assets to be liquidated, making it the most liquidated token.
We noticed that the #Tellor team deposited 4,211 $TRB($2.4M) after the price of $TRB skyrocketed.
Address:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
— Lookonchain (@lookonchain) January 1, 2024
Tellor made its emergence in 2019 as a decentralized Oracle protocol. While it has gained traction in terms of adoption, its price only boasts of occasional massive runs. Prior to this $602 ATH, Tellor’s best price performance was recorded in May 2021, when it grew as high as $163.76.
Bad Precedent for the Crypto Industry
Market regulators around the world remain wary of unwholesome price volatility and manipulation that characterizes the crypto ecosystem and the impact it has on the average users.
To help manage the fallout from events like this, industry giants are calling for a robust regulatory framework that can serve as a guide for the industry. Coinbase Global Inc, the largest crypto exchange in the US, is currently in court against the SEC over this rulemaking demands.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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