Year-End Surprise: $60 Million Liquidated by Tellor Tributes (TRB) Crypto

The year 2023 came to a close with some unexpected events for the crypto community. Just yesterday, the native token of the Tellor Tributes protocol came under the spotlight by experiencing a fleeting bull run before collapsing. This situation was nonetheless pleasing to the whales. Let’s take a tour!

TRB Flirts with $600 Before Plummeting

This phenomenon reminds us of a new Bitcoin ATH that occurred last June on Binance.US. Back then, the queen of cryptocurrencies briefly reached a valuation of $138,070 against the BTC/Tether pair in just a few seconds.

The reason? A trader reportedly offered a premium of 450% for BTC, which triggered this sudden price spike.

Today, the price of TRB once soared from $200 to over $600, and then fell sharply to $155. During this period, the TRB contract liquidation exceeded $60 million, becoming the coin with the largest liquidation amount in the past 12h and 24h. https://t.co/YQ6p9AZeYG pic.twitter.com/964Hv8pQgM

— Wu Blockchain (@WuBlockchain) January 1, 2024

« Today, the price of TRB surged from $200 to over $600, before plummeting dramatically to $155. During this period, TRB contract liquidations exceeded $60 million, making it the coin with the largest liquidation amount over the past 12 and 24 days. »

As reported by Coingape, whales are said to have caused a massive dump of TRB, which resulted in a surge of this cryptocurrency on the eve of New Year’s. Its price, which was around $200, approached the $600 mark following this strange manipulation by institutional investors.

But unfortunately, the rally was short-lived: the price of TRB fell. It dropped below $200, more precisely to $130.

However, it should be noted that at the time of writing this article, the native crypto of Tellor Tributes was trading at $194.89 per piece on CoinGecko.

Another salient point in this story is that this yo-yo was conducive to a massive liquidation of TRB contracts. Because at the same time, an equivalent of $60 million was liquidated. This makes TRB the cryptocurrency with the highest liquidation in the last 12 and 24 hours.