Tellor maintains its upward momentum despite suffering another significant drop of 16.6%.
Despite experiencing another significant drop in value over the past 24 hours, Tellor remains a top trending coin according to CoinMarketCap. Tellor, a decentralized oracle protocol, is renowned for its ability to incorporate off-chain data into on-chain smart contracts. On Jan. 1, the token lost more than half of its value, and recent data from CoinMarketCap shows an additional decline of 16.6%.
At the time of writing, Tellor (TRB) is valued at $181.82, with a 24-hour trading volume of $565,750,139. Although the price has decreased, it is important to note that the token has still experienced a growth of 1,376% over the year.
This decline in price can be attributed to recent news that raised concerns about Tellor’s trading activity. On Jan. 1, Etherscan data revealed an unusual transfer of 4,211 TRB, equivalent to approximately $2.4 million at the time, from the Tellor team to a Coinbase wallet at around 8:41 pm UTC. This transfer coincided with a spike in the token’s price. Additionally, the sudden drop in Tellor’s price resulted in liquidations exceeding $68 million, as reported by CoinGlass and later confirmed by blockchain analytics services Lookonchain.
Prior to this, on Dec. 28, the token reached a new all-time high of $225. On-chain data analytics firms such as Spot On Chain highlighted that a small group of whales were controlling the total number of tokens, sparking controversy within the community.
As a result, community members have taken to Twitter to express their concerns about possible manipulation within the project.
For more information, please visit CoinMarketCap.
