Today, Tellor, a popular altcoin project, experienced a sudden rise. As a result of this rise, traders who opened short positions and made short sales, thinking that the altcoin price would decrease, were liquidated. Here are the details…
The sudden rise for this altcoin attracted attention
The cryptocurrency market attracted attention today with a significant increase in the spot price of Tellor (TRB). Because it became active, reaching from $51 to $79, especially on OKX, in just five minutes. This price increase marked a staggering gain of close to 60 percent in the blink of an eye. Simultaneously, Tellor’s futures price rose to $81, further fueling the frenzy. At the time of writing, TRB is changing hands at $62.12, an increase of 26 percent, according to CoinMarketCap data. So the rise to $80 happened only on OKX.
Still, during this period of high volatility, short positions worth $3.11 million were liquidated. The epicenter of this liquidation wave appeared to be cryptocurrency exchanges OKX, where approximately $1.71 million in short positions were extinguished, and Huobi, where $1.19 million met a similar fate. Tellor has recently come under scrutiny for its frequently falling funding rate and the prevalence of large short positions linked to frequent bullish waves. Despite these challenges, TRB has managed to defy the odds, witnessing a significant price increase of over 300 percent last year.
The analyst made a short recommendation for Tellor
Meanwhile, Altcoin Sherpa said he believes blockchain oracle altcoin Tellor Tributes (TRB) will be one of the “top coins” to be shorted in the coming months. Altcoin Sherpa predicted TRB will “go all the way down” while adding a chart to his description showing a target price around $14. cryptokoin.com As we have reported, Tellor’s oracle is a key component of the Blockchain infrastructure that facilitates the seamless integration of off-chain data into on-chain smart contracts. By doing so, it empowers decentralized finance (DeFi) applications with valuable real-world information.
Tellor’s oracle mechanism is designed to deter fraudulent reports through dispute resolution and penalties while motivating data reporters to reliably bring accurate data to the Blockchain. The beauty of Tellor is its permissionless nature – no verification process is required to become a data reporter. This means that anyone from any corner of the world can participate as a reporter using open source software, which is truly a distinguishing feature among Blockchain oracles. When Oracle users request off-chain data, such as the BTC/USD price, data reporters actively compete to upload that data to an on-chain repository.
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