Crypto Whale’s strategic moves boost Tellor altcoin price By

Published Sep 15, 2023 05:57PM ET

In the realm of cryptocurrency, a significant player known as a “whale,” with an abbreviated address of 0xCcE, has been making strategic moves that have resulted in a surge in the price of the Tellor (TRB) altcoin. The whale’s maneuvers have coincided with a doubling of the TRB price from $18 to over $38 within a fortnight.

The individual, who holds around 18% of the total TRB supply across three wallets, has been buying low on Binance and OKX, two major exchanges. Following this, the whale re-deposits the currency on Binance at a higher rate. This cycle creates an artificial demand, subsequently driving up the price.

From August 30 to September 13, the crypto whale accumulated a total of 772,733 TRB from Binance and OKX. These purchases were made at an average price of $18.51, totaling approximately $14.3 million. Subsequently, 331,825 TRB were deposited back to Binance at an average price of $21.85, equating to roughly $7.25 million. This strategy yielded an estimated profit of $1.11 million.

As of Friday, the whale’s holding of 440,908 TRBs is valued at $13.8 million given the current TRB price of $38.16. The unrealized profit from maintaining this amount of TRB stands at approximately $5.61 million.

In related developments, Andrei Grachev, founder of DWF Labs, has been posting content that potentially influences the TRB price. While he does not explicitly mention the token, Grachev regularly highlights the TRB token on social media due to anomalies in its funding rate.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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