Tellor continues trending despite another 16.6% hit
CoinMarketCap reports Tellor as a top trending coin despite taking another double-digit hit in the past 24 hours.
The decentralized oracle protocol, Tellor, continues to be recognized on the market for its ability to incorporate off-chain data into on-chain smart contracts. After losing more than half of its value on Jan. 1, CoinMarketCap data showed that the token had taken a further hit of 16.6%.
When writing, Tellor (TRB) was sitting at $181.82, accompanied by a 24-hour trading volume of $565,750,139. Although a price decline, it is worth noting the token is still sitting at 1,376% growth for the year.
This price movement comes from the recent news that raised questions about Tellor’s trading activity. According to a Jan. 1 post on X, Etherscan data indicated an unusual transfer of 4,211 TRB, equivalent to approximately $2.4 million at the time, by the Tellor team to a Coinbase wallet at around 8:41 pm UTC, coinciding with a spike in the price.
Simultaneously, the abrupt decline in Tellor’s price led to liquidations surpassing $68 million, as reported by CoinGlass and later cited by blockchain analytics services Lookonchain.
Before this, the token had hit a new all-time high on Dec. 28 of $225, with on-chain data analytics firms like Spot On Chain calling out how it was just a small group of whales controlling the total tokens.
As a result, tweets from the community continue to call out this project for manipulation.
