A Wealthy Cryptocurrency Whale Transfers Over $116 Million Worth of Ethereum-Based Digital Asset
Introduction
A wealthy cryptocurrency whale has recently transferred a nine-figure sum of a little-known Ethereum-based digital asset out of cryptocurrency exchanges after the value of the asset rose by more than 200%. The whale moved over one-third of the altcoin’s circulating supply.
Whale’s Withdrawal
According to popular blockchain reporter Colin Wu, the whale withdrew a total of 872,600 Tellor ($TRB) tokens worth around $116 million from cryptocurrency exchanges through three different addresses since the end of August, accounting for 34.5% of the token’s circulating supply.
Token Transactions
Throughout the month of September, the cryptocurrency whale made three $TRB token transactions consisting of 100,000 tokens each to leading cryptocurrency exchange Binance, presumably in a bid to sell the tokens, which equate to 21.4% of their circulating supply.
Price Movement
The price of the token has moved up over 200% since late August and is up over 77% year-to-date, with its value having risen 190% over the past 30 days amid a period of low liquidity in the cryptocurrency space.
Token Value Decrease
Over the last 24-hour period, the token lost around one-quarter of its value, going from $38.6 to $29 at the time of writing, as the whale is seemingly dumping its tokens on the market. The cryptocurrency’s 24-hour volume, according to available data, surged 54% to $143 million over the last 24 hours.
Tellor and TRB
Tellor is a decentralized oracle network that allows Ethereum smart contracts to access data from outside sources. TRB is the token that powers this network. According to Wu, the whale may be trying to control the spot circulation of the token to “obtain contract income and high funding rates.”
FTX Exchange Approval
The activity comes at a time in which collapsed cryptocurrency exchange FTX received approval from the U.S. Bankruptcy Court for the District of Delaware to sell and invest its cryptocurrency holdings, valued at over $3 billion, to settle its debt with creditors, leading some analysts to believe the funds will be dumped on the market.
Conclusion
A wealthy cryptocurrency whale has transferred a significant amount of an Ethereum-based digital asset out of exchanges, causing a decrease in its value. The whale’s actions have raised questions about the future of the token and its market stability.
Featured image via Unsplash.
