Investing.com reported on Sep 15, 2023 that a significant player, known as a “whale” with an abbreviated address of 0xCcE, has been making strategic moves in the cryptocurrency realm. The whale’s moves have caused a surge in the price of the Tellor (TRB) altcoin, doubling the value from $18 to more than $38 in a matter of two weeks.
The whale holds around 18% of the total TRB supply in three different wallets. To increase the price of the coin, they buy low on Binance and OKX, two major exchanges, and then re-deposit the currency on Binance at a higher rate. This creates an artificial demand and drives the price up.
From August 30 to September 13, the whale purchased 772,733 TRB at an average price of $18.51, totaling $14.3 million. 331,825 of these TRB were re-deposited on Binance at an average price of $21.85, equating to $7.25 million, yielding an estimated profit of $1.11 million.
As of Friday, the whale’s 440,908 TRB are valued at $13.8 million. The unrealized profit from maintaining this amount of TRB stands at approximately $5.61 million.
Andrei Grachev, founder of DWF Labs, has been sharing content that potentially influences the TRB price. While he does not explicitly mention the token, Grachev regularly highlights the TRB token on social media due to abnormalities in its funding rate.
