Crypto Whale Withdraws $116,000,000 Worth of One Altcoin That’s Up 222% in Past Month From Exchanges: Report
A wealthy altcoin holder just withdrew nine figures worth of an Ethereum (ETH)-based crypto asset from exchanges right after parabolic rallies.
First spotted by crypto reporter Colin Wu, a whale that controls 21% of the supply of Tellor Tributes withdrew roughly $116 million worth of TRB tokens from exchanges.
“A whale (3 associated addresses) has withdrawn a total of 872,600 TRB (currently worth $116 million) from exchanges since August 30, accounting for 34.5% of the circulating [supply]. On September 4th, 9th, and 15th, three TRB transfers of 100,000 were conducted and transferred to Binance. The whale still holds 540,000 TRB, accounting for 21.4% of circulation.”
TRB is the native token for Tellor, a decentralized oracle network that connects Ethereum smart contracts to external data.
At time of writing, TRB is trading at $31.75 and is currently up 222% in the last 30 days.
Wu speculates that the whale may be attempting to control most of the liquid TRB tokens in order to generate high funding rates and receive income from open futures contracts.
“Since August 30, TRB prices have risen as high as $14.45 to $46.3, and in the past 24 hours, TRB spot trading volume has been only $184 million, with a contract volume of $6.748 billion. Whale may control the spot circulation of TRB to obtain contract income and high funding rates.”
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