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Crypto Whales Dump $5.46M Tellor (TRB): Price Plunge Explained

Crypto Whales Dump $5.46M Tellor (TRB): Price Plunge Explained

Will TRB Reach $232 Even If Crypto Whales Sell?

Crypto Whales Dump $5.46M Tellor: Spot On Chain, an on-chain analytical platform, tracked an important transaction involving a crypto whale wallet, 0xf2b, depositing 10,582 TRB (or roughly $1.32 million) to Coinbase. The cryptocurrency whale completed the transaction for about $124.

The tokens were previously removed from this wallet for an average cost of $57.7. As a result, he would make an estimated $706,000 in profit—a 116% gain in over two months.

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Between early March and May 2024, several other cryptocurrency whales also followed this pattern of purchasing cheap and selling high.

“Lastly, please note that this is the sixth whale that withdrew TRB from Coinbase between early March and May and then deposited all tokens back to the CEX for profits in the past 3 days after the price surged up to 108%,” Spot On Chain said.

For example, 10,486 TRB, or roughly $1.38 million, were deposited to Coinbase by another cryptocurrency whale wallet, 0xeb1. The cryptocurrency whale withdrew TRB at a mean price of $76.59. After more than two months of holding the tokens, he made a profit of $581,000, or a 72.4% return.

Additionally, 0xb4b, a third cryptocurrency whale wallet, used a similar tactic, selling TRB tokens for about $1.4 million to make $488,000 (54.5%) in profit. In addition, 0xfac, another cryptocurrency whale, placed 10,375 TRB (around 1.36 million) with Coinbase to earn an estimated $461,000.

These calculated transactions highlight a typical strategy cryptocurrency whales use to optimize profits in comparatively brief trading windows.

TRB has shown resilient market success despite these significant sales. The token has just broken out of a bull flag pattern, which is a bullish continuation pattern with a quick price movement and a flag-like consolidation phase.

With a potential objective of $232 suggested by cryptocurrency specialists like Emre, this breakout suggests that TRB may continue its upward trend.

Source: TradingView

However, this optimistic prediction would be meaningless if TRB drops below a crucial $115 support level. As long as TRB exhibits strong market movements, stakeholders should oversee these events.

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