In a whirlwind of events, Tellor’s price took an astonishing ride, skyrocketing to a record-breaking $600 before crashing down to $137 within just 24 hours. This wild volatility led to a whopping $68 million in liquidations, marking TRB as the most liquidated token in recent trading history.
Lookonchain, a crypto analytics platform, raised the alarm on the TRB crash, highlighting the massive $68 million asset liquidation, marking it as the most liquidated token. They also noted Tellor’s team depositing 4,211 TRB, totaling $2.4 million, following the sudden price surge.
Within a single day, TRB shot up to $600 and then nosedived to $137, resulting in $68 million in liquidated assets, setting a record for the most liquidated token. This astonishing surge in Tellor, a decentralized oracle network, caught the community and investors off guard, forcing leveraged positions to liquidate and causing substantial losses.
Currently, Tellor’s price has somewhat recovered to $185, but it marks a significant 34.05% drop within 24 hours, leaving the market uncertain.
Questioning Market Actions
The Tellor team’s response to the situation, particularly their deposit of 4,211 TRB after the price surge, has raised eyebrows in the crypto community. This move has stirred discussions, with some doubting the intentions behind such a deposit during intense price fluctuations.
Crypto tracking service Spot On Chain added to the conversation, suggesting in a tweet that both long and short positions were wiped out by whales, indicating the potential involvement of large market players in driving extreme price shifts and resulting liquidations.
These incidents serve as a stark reminder of the inherent volatility in the crypto market, highlighting the risks associated with trading and investing in digital assets. The Tellor community and market participants are closely monitoring the situation, seeking clarity on the factors contributing to these extreme price swings and their long-term impact on the project’s viability.