The cryptocurrency market witnessed a whirlwind of activity as Tellor (TRB) went on a dramatic price journey, rising from $200 to a staggering $600 in a short period of time. However, this enthusiasm was short-lived and TRB coin quickly dropped to $155. These rapid price fluctuations thrust TRB into the spotlight and attracted the attention of investors and market enthusiasts alike.
Market fluctuations shook TRB coin investors
On January 1, Coingecko data revealed that Tellor (TRB) experienced a significant increase in market activity, with 24-hour trading volume reaching an impressive $1,434,946,350. This figure, which is 2.11 times that of XRP and second only to Solana, underlined the growing trading interest in TRB. Additionally, further analysis of Coingecko data on January 1 revealed significant price disparity among centralized exchanges (CEXs) trading TRB. Binance listed TRB at $165, reflecting a 26% negative premium compared to the OKX platform where TRB was priced at $223. As a result of these price movements, it is at its peak with $73 million in 24 hours, according to the liquidation map below.
The situation became even more complicated when Binance temporarily suspended TRB withdrawals. Social media was abuzz with the news on January 1, when Synthetix founder Kain Warwick announced a significant loss of approximately $2 million related to the TRB incident. The Synthetix platform, which hosts TRB with an initial open position limit of $250,000, could not adapt to the rising TRB prices, causing SNX stakers to suffer losses. This incident revealed deficiencies in risk control measures and resulted in a failed strategy due to unbalanced arbitrage between spot and perpetual prices.
What is the available data?
Currently, CoinGecko data reveals that Tellor is trading at $192, a decline of 30.5 percent. TRB coin ranks 127th with a market cap of $490 million. It is 67 percent below the all-time high of $593, recorded about 10 hours ago. The fact that the cryptocurrency lost 67 percent in 10 hours shook the market and investors quite a bit, as can be seen from the developments above.
The cryptocurrency market continues to be a dynamic environment where assets like Tellor (TRB) exhibit both exciting highs and alarming lows. As the industry grapples with these rapid developments, investors and observers remain alert to the challenges and opportunities presented by such volatile conditions. In the coming period, we will see together what kind of surprise the TRB coin project will bring to investors.
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