This Altcoin Price Crashed Suddenly! What Was the Reaction of Investors?

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Tellor (TRB) price went out of nowhere, skyrocketing to an all-time high of $600 within 24 hours and then crashing to $137. This sudden volatility resulted in a massive liquidation of $68 million. triggered and made TRB the most liquidated token in recent times.

Crypto analytics platform Lookonchain noted that this TRB crash in X led to the liquidation of $68 million worth of assets, marking it as the most liquidated token. Lookonchain also observed that the Tellor team deposited 4,211 TRB, or $2.4 million, following the sharp increase in TRB price.

The community and investors were stunned when Tellor, a decentralized oracle network, experienced an unexpected increase in its token value. As a result, many leveraged positions had to be liquidated, resulting in significant losses for investors and traders.

At the time of reporting, Tellor’s price has partially recovered and is currently trading at $189. However, this represents a staggering 34.05% decline in the last 24 hours, leaving the market in limbo.

Market manipulation?

Meanwhile, the response of the Tellor team to the situation, especially their decision to deposit 4,211 TRB after the price increase, attracted attention. This move sparked debate within the crypto community, with some questioning the intentions behind such a deposit at such a time.

Crypto tracking service Spot On Chain tweeted about the situation, stating that both long and short positions were cleared by whales. This observation suggests that large market investors, commonly referred to as whales, may have played an important role in the dramatic price movements and subsequent liquidations.

As the crypto market remains inherently volatile, such events serve as a harsh reminder of the risks associated with trading and investing in digital assets. The Tellor community and market participants will certainly be monitoring the situation closely, looking for factors contributing to the extreme price fluctuations and their after-effects to answer the question of whether the project is a long-term investment or not.

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