Ethereum-Based Altcoin Plummets Nearly 78% After Team Deposits Into Coinbase: On-Chain Data

An Ethereum (ETH)-based altcoin collapsed in value after the project’s team members moved thousands of tokens to the crypto exchange Coinbase, according to on-chain data.

The blockchain data tracker Lookonchain says that the decentralized oracle protocol Tellor Tributes (TRB) went on a parabolic rally before a sudden massive correction, causing the liquidation of tens of millions of dollars.

Says Lookonchain,

“In the past 24 hours, TRB soared to $600 [on December 31st] and then plummeted to $137, causing $68 million of assets to be liquidated, making it the most liquidated token.”

Source: Lookonchain/X

Lookonchain noticed Tellor team members moved thousands of TRB onto the top US exchange Coinbase after the price surge and right before the price collapse.

“We noticed that the Tellor team deposited 4,211 TRB ($2.4 million) after the price of TRB skyrocketed.”

Source: Lookonchain/X

TRB has since recovered some of its losses and is trading for $183.64 at time of writing, up about 18% in the last 24 hours.

In November, crypto analytics firm Santiment noticed that deep-pocketed TRB holders were aggressively adding to their holdings. At that time, wealthy traders who owned between 1,000 to 100,000 TRB added 15% of the total supply to their holdings over a seven-week period for a total of 46% of the asset’s total supply. The buying spree came as TRB’s value jumped from under $15 in September to $134.

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