A few hours ago, three crypto whales moved over 50,000 TRB tokens (worth approximately $5 million) to wallet addresses on the popular cryptocurrency exchange Binance. The funds movement brought the whales a total profit of $1.3 million. However, the TRB token took the hit, rapidly losing over 11% of its value.
TRB Tanks 11%
TRB (Tellor Tributes) is the native ERC-20 token for the Tellor network, an Ethereum-based blockchain oracle that harnesses smart contracts to enable users to obtain external on-chain data whenever needed.
According to its official website, Tellor describes TRB as a digital token “used to fund contracts that provide payment to data reporters,” removing “the need for off-chain payment agreements.”
Crypto whales are entities holding a large portion of a particular cryptocurrency. Moving the large numbers of digital currencies held by these individuals or groups can potentially impact the price of the assets they hold.
In the case of the latest report, three whales have moved a large tranche of TRB tokens, causing the asset’s price to decrease significantly. According to data from the blockchain analytics platform Lookonchain, these wallets are part of 20 wallets that collectively held over a million TRB tokens on November 13th. This represents 42.5% of the asset’s total supply. The total profit in these accounts neared $50 million at the time.
Following the funds flow, TRB dropped by over 11% to the current trading price of $76.6. This brings the cryptocurrency’s losses in the past month to 27%.
Source: CoinStats
Effects of Mass Whale Movement
The impact of asset movement by crypto whales on the market is known to have negative effects on the price of the cryptocurrency in question.
In September, seven crypto whales sold off $16 million worth of ARB tokens within 30 hours, causing a 32% price dip at the time. Still, the whales’ selloff brought no profit. Instead, they sold 33.67% lower than their purchase price. Hence, they lost $8.15 million following the sale.
