What Drove the Recent Jump in Tellor (TRB)?

Over the past 24 hours, the Tellor (TRB) cryptocurrency has surged from $242 to $592.

CoinMarketCap data shows that TRB initiated its surge on Dec.1, reaching its peak on Jan.1. As of the current update, the cryptocurrency is trading in the $207 range, having experienced a significant drop of nearly 65%.

Tellor (TRB) price chart. Source: CoinMarketCap.

Why did Tellor’s (TRB) price spike?

WuBlockchain reported that TRB has recorded the highest liquidation among cryptocurrencies in the last 24 hours, amounting to $60 million.

The crypto community is expressing skepticism about the abrupt surge in TRB, raising concerns about potential manipulation. A user on CoinMarketCap, going by the nickname bo, found it suspicious that the coin’s market capitalization increased by $570 million in a single day, coupled with a daily volume of $590 million.

Reddit users also thought it seemed like manipulation. Some said they didn’t know much about the project. A user named elongated_longcat mentioned that the team sold all their tokens when prices dropped, a few big investors bought up most of the supply, and someone trying to sell off part of their holdings got caught in a difficult situation.

Crypto trader Satoshi Flipper also suggested that it might be a pump-and-dump scenario. He also reached out to the community and asked “Can ya’ll stop fomoing please?”.

Another trader, Blockchainedbb, suggested that Binance might be responsible for the dumping of TRB.

What is Tellor

Tellor is a decentralized community oracle system designed to securely host data on the blockchain. It employs an oracle mechanism that ensures data security through staking and dispute systems using straightforward crypto-economic incentives. The community is governed by an anonymous token-based system, providing monetary rewards to those reporting data and contributing to the network’s development.

Throughout the month, the coin’s value increased in line with the all crypto market. Starting at $80 at the beginning of December, TRB reached $213 by Dec. 29.