Recently, the price of $TRB has experienced a notable downturn, shedding over 10% within the past 24 hours, coinciding with substantial deposits made by two whales to the prominent crypto exchange, Binance.
Furthermore, data sourced from Spotonchain has also revealed that the whales in question, identified as 0x6c2 and 0x2DE, collectively deposited 30,152 TRB ($2.43M) to Binance at a rate of $80.537. Notably, Whale 0x2de is anticipated to deposit 16,152 TRB, while Whale 0x6c2 is expected to deposit 14,000 TRB ($1.13M).
Two whales 0x6c2 and 0x2DE jointly deposited 30,152 $TRB ($2.43M) to #Binance at $80.5 ~20 mins ago.
– They withdrew 35,063 $TRB from #Binance at $54.2 on avg ($1.9M) between Sep 21 and 26, and on Oct 24, 2023.
– Currently, whale 0x6c2 still holds 4,911 $TRB ($392K).
-… pic.twitter.com/uFZL0riyCy
— Spot On Chain (@spotonchain) November 27, 2023
Reports indicate that spanning the period between September 21 and 26, along with October 24, 2023, these whales withdrew 35,063 TRB from Binance at an average price of $54.2, amounting to $1.9M.
An intriguing observation is that both whales initiated their TRB deposits for exchange simultaneously, utilizing the same deposit address. This correlation raises the possibility of a shared user connection between them.
Presently, only Whale 0x6c2 retains 4,911 TRB ($392K). The estimated profit stands at $920K, with $793K already realized if the assets were indeed bought and sold at the current market conditions.
Final Thoughts
The aftermath of these substantial whale deposits to Binance has been a discernible acceleration in the decline of $TRB’s price. The market dynamics surrounding Tellor’s native token are evidently influenced by these significant transactions, prompting market participants to closely monitor the evolving situation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: oldshen/123RF // Image Effects by Colorcinch
