Ethereum-Based Altcoin Plummets Nearly 78% After Team Deposits Into Coinbase: On-Chain Data

An Ethereum (ETH)-based altcoin collapsed in worth after the undertaking’s workforce members moved hundreds of tokens to the crypto change Coinbase, in keeping with on-chain knowledge.

The blockchain knowledge tracker Lookonchain says that the decentralized oracle protocol Tellor Tributes (TRB) went on a parabolic rally earlier than a sudden large correction, inflicting the liquidation of tens of thousands and thousands of {dollars}.

Says Lookonchain,

“In the past 24 hours, TRB soared to $600 [on December 31st] and then plummeted to $137, causing $68 million of assets to be liquidated, making it the most liquidated token.”

Supply: Lookonchain/X

Lookonchain observed Tellor workforce members moved hundreds of TRB onto the highest US change Coinbase after the value surge and proper earlier than the value collapse.

“We noticed that the Tellor team deposited 4,211 TRB ($2.4 million) after the price of TRB skyrocketed.”

Supply: Lookonchain/X

TRB has since recovered a few of its losses and is buying and selling for $183.64 at time of writing, up about 18% within the final 24 hours.

In November, crypto analytics agency Santiment observed that deep-pocketed TRB holders have been aggressively including to their holdings. At the moment, rich merchants who owned between 1,000 to 100,000 TRB added 15% of the overall provide to their holdings over a seven-week interval for a complete of 46% of the asset’s whole provide. The shopping for spree got here as TRB’s worth jumped from beneath $15 in September to $134.

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