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.
According to popular blockchain reporter Colin Wu, the whale withdrew a total of 872,600 Tellor ($TRB) tokens worth around $116 million from cryptocurrency exchanges through three different addresses since the end of August, accounting for 34.5% of the token’s circulating supply.
Throughout the month of September, the cryptocurrency whale made three $TRB token transactions consisting of 100,000 tokens each to leading cryptocurrency exchange Binance, presumably in a bid to sell the tokens, which equate to 21.4% of their circulating supply.
The price of the token has moved up over 200% since late August and is up over 77% year-to-date, with its value having risen 190% over the past 30 days amid a period of low liquidity in the cryptocurrency space.
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Over the last 24-hour period, the token lost around one-quarter of its value, going from $38.6 to $29 at the time of writing, as the whale is seemingly dumping its tokens on the market. The cryptocurrency’s 24-hour volume, according to available data, surged 54% to $143 million over the last 24 hours.
Tellor is a decentralized oracle network, allows Ethereum smart contracts to access data from outside sources. TRB is the token that powers this network. According to Wu, the whale may be trying to control the spot circulation of the token to “obtain contract income and high funding rates.”
The activity comes at a time in which collapsed cryptocurrency exchange FTX received approval from the U.S. Bankruptcy Court for the District of Delaware to sell and invest its cryptocurrency holdings, valued at over $3 billion, to settle its debt with creditors, leading some analysts to believe the funds will be dumped on the market.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/09/crypto-whale-cashes-out-little-known-altcoin-after-it-surged-over-200/
