On New Year’s Eve, the Tellor Tributes (TRB) price plummets due to significant whale dumping following a 2000% price surge.

The Tellor (TRB) price saw a major pump and dump in the previous several hours, rising as high as $600 before plunging below $150 in an instant.

TRB’s Price Trend

The price of TRB saw considerable swings in today’s trading activity, rising from $200 to over $600 before plummeting to $155. Notably, around this time, the TRB contract liquidation exceeded $60 million, an extraordinary sum.

With this significant liquidation, TRB is now the cryptocurrency with the largest liquidation percentage over the last 24 and 12 hours. Market players’ attention has been drawn to TRB’s price volatility and the subsequent liquidation activity, which has brought attention to both the potential and challenges present in the current crypto ecosystem.

In the final quarter of 2024, there was a significant surge in the price of TRB, with a 2000% spike in tandem with high whale activity. But the way things are going right now, it’s obvious that TRB is getting a huge dump from major players.

Analysts are becoming concerned about possible market manipulation as Tellor’s price experiences a sharp increase. Significant price swings for Tellor were noted by the crypto analyst on the Cilinix Crypto YouTube channel.

The expert emphasized the token’s remarkable rise from $10 to $140, as well as subsequent sharp rises and falls, in a video that was posted on December 22. Certain analysts have cautioned that Tellor’s recent price changes could be the result of market manipulation due to these fluctuations.

With Regard to the Tellor Tributes Process

Tellor is a decentralized oracle protocol that is unique in the rapidly changing field of blockchain technology. It is vital to Tellor since it updates critical off-chain data that is needed for on-chain smart contracts.

Oracles such as Tellor are the backbone of blockchain infrastructure, allowing valuable external data to be seamlessly integrated into smart contracts. The way Tellor’s oracle works is by offering data that can be actively sought, verified, and easily added to the chain without requiring authorization.

Data reporters compete for rewards in the form of TRB tokens during this process, which promotes healthy competition and guarantees the availability of important data for a wide range of decentralized finance (DeFi) applications.

SOURCE:
https://medium.com/@therealcryptojk/massive-tellor-trb-price-pump-and-dump-liquidates-more-than-60m-1155b5dfafd1