In a startling turn of events, the price of Tellor (TRB), a decentralized oracle network, experienced a roller-coaster ride in the cryptocurrency market, soaring to an all-time high of $600 before crashing to $137 within a mere 24-hour period. This abrupt and extreme volatility sent shockwaves through the crypto community and resulted in a massive $68 million in liquidations, making TRB the most liquidated token in recent trading history.
Crypto analytics platform sounds the alarm
The sudden price crash of TRB was first highlighted by the crypto analytics platform Lookonchain. This event led to the liquidation of a staggering $68 million worth of assets, firmly establishing TRB as the most liquidated token of the moment.
Interestingly, Lookonchain also noted that the Tellor team made a significant deposit of 4,211 TRB, equivalent to approximately $2.4 million, following the sharp increase in the price of TRB. This move has ignited discussions and raised questions about the motives behind such a deposit during a period of extreme price volatility.
Within a 24-hour timeframe, TRB’s price surged from $600 to $137, resulting in significant losses for traders and investors who were caught off guard. The crypto market’s inherent volatility was on full display as leveraged positions were forcefully liquidated, leaving many market participants bewildered.
Partial recovery amidst uncertainty
As of the latest update, Tellor’s price has managed to experience a partial recovery, currently standing at $185. However, this still represents a substantial 34.05% decline in the past 24 hours, leaving the crypto market in a state of uncertainty.
Market participants and investors are closely monitoring the situation, seeking clarity on the factors that contributed to these extreme price fluctuations and the potential long-term impact on the viability of the Tellor project.
One aspect that has garnered particular attention is the Tellor team’s decision to deposit 4,211 TRB after the dramatic price spike. This move has raised eyebrows within the crypto community, with some questioning the motives behind it.
The crypto tracking service Spot On Chain has also weighed in on the situation, suggesting that both long and short positions were cleared out by whales – large market participants known for their significant influence on the market. This observation has sparked suspicions of potential market manipulation and further fueled the ongoing discussions surrounding the incident.
This incident serves as a stark reminder of the inherent risks associated with trading and investing in digital assets, especially within the cryptocurrency market. The extreme price fluctuations witnessed in the case of Tellor highlight the unpredictable nature of crypto markets and the potential for significant losses or gains within short periods.
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