After a month of decline, the market showed signs of recovery this week, with notable gains in major cryptocurrencies, Sol series tokens, and AI sector concept coins. Overall, this wave of recovery has brought hope to the community that has been shrouded in gloom for a long time.
Today, the market saw a slight correction. According to Coingecko, the majority of tokens in the top 100 cryptocurrencies by market capitalization experienced a decline, with popular coins seeing a drop ranging from 2% to 10%. In this somewhat boring market, some special tokens stood out.
Two “well-known” tokens, FTT and TRB, bucked the trend and rose today. The rise of FTT may be related to the compensation plan submitted by FTX to its creditors, while the rise of TRB is more intriguing.
TRB is the token of the decentralized oracle project Tellor, which was born in 2019. In the past week, TRB has rapidly risen from $45 and today it has seen a more eye-catching increase, with a 20% gain in the two hours before the drafting of this article, surpassing $140. After a three-fold increase in a week, TRB is still nearly four times away from its previous all-time high of over $600, making it an attractive option for many traders.
If you are also tempted, it is worth reviewing the “demon coin” history of TRB before placing any orders.
From 2022 to September 2023, the price of TRB did not exceed $50. It mostly stayed around $10. Starting from September 2023, TRB surged to $40 in less than a month, and in November, it broke through $100, approaching its previous all-time high.
On the New Year’s Eve of December 30, 2023, it became a “contract withdrawal moment” for many traders. That night, after steadily rising to $300, TRB plummeted over 25% within two hours, dropping to around $200. This downward trend in TRB sparked more short-selling operations, but it quickly began to rise significantly, soon reaching a new high of $629, with a 165% increase in six hours.
Without any warning, TRB began to plummet at 6 am on January 1, with an hourly decline of nearly 70%. Under the explosion of both long and short positions, TRB’s liquidation reached $55.48 million on that day, more than twice the liquidation amount of ETH ($19.49 million) during the same period.
In addition to the heavy losses suffered by contract players that day, decentralized trading platforms were also affected. The founder of decentralized synthetic asset issuance protocol Synthetix (@kain.eth) stated on X platform that the abnormal volatility of TRB caused SNX stakers to lose about $2 million. In addition, due to the excessive token volatility, there was nearly a 40% price difference between centralized trading platforms.
The reason why TRB is able to embark on a roller coaster journey is related to its low circulating supply. TRB’s circulating supply is less than 260,000 coins. According to community analysis, most of TRB’s chips are concentrated in the hands of a few major players. In the “bloodbath” that night, these players only needed to invest $40 million to push TRB from $280 to an 80% increase, easily controlling the power of price manipulation.
Returning to this recent rise, a week ago, when TRB rose from $45 to $60, the community had already seen many warnings: “TRB is up to its tricks again, everyone should be cautious, and if you want to play, set a stop-loss and don’t fight against the manipulators.” However, as TRB gradually broke through $100, $120, and $130, there were more and more contract exposure posts about TRB.
In fact, in the month before the “long and short bloodbath” at the beginning of the year, TRB had experienced two single-day fluctuations of nearly 50%. But these fluctuations did not dampen the enthusiasm of traders. After a four-month hiatus, TRB made a comeback. According to Coinglass data, the amount of TRB contract liquidations has been increasing since May 1st. After gaining some “experience”, will arbitrageurs be able to walk away unscathed?
Tags:
2023 market trends
CoinGecko
FTT
SNX
SOL
TRB
Ethereum
platform coins
Source link:
https://www.theblockbeats.info/news/53406
Note: The views expressed in this article solely represent the author’s opinions and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6690811
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