TRB has experienced drastic price fluctuations in history, with a relatively small circulation, and the majority of chips concentrated in the hands of a few major players.
By Joyce
After a month of sluggishness, the market has shown signs of warming up this week, with significant gains in major tokens such as Bitcoin, Solana-based tokens, and AI-related concept coins. Overall, the certainty of this warming trend is relatively strong, and it has brought hope to the community after a week.
Today, the market has experienced a slight pullback. According to Coingecko, the majority of tokens in the top 100 cryptocurrencies by market capitalization are declining, with popular tokens experiencing varying decreases of 2% to 10%. In this somewhat dull market, some special tokens have emerged.
Two "well-known" tokens have defied the trend and risen today, one being the bankrupt token FTT and the other being the "demon" token TRB. The rise of FTT may be related to the compensation plan submitted by FTX to creditors, while the rise of TRB is more intriguing.
TRB is the token of the decentralized oracle project Tellor, which was launched in 2019. In the past week, TRB has rapidly risen from $45 to today's even more eye-catching increase, with a 20% rise in the two hours before the article was written, breaking through $140. After a threefold increase in a week, TRB is still nearly four times below its previous high of over $600, which should excite many trading players.
If you are also itching to get involved, you might want to review the "demon" history of TRB before opening a position.
From 2022 to September 2023, the price of TRB never exceeded $50. Most of the time, it was around $10. Starting in September 2023, TRB surged to $40 in less than a month, and in November, it broke through $100, approaching its previous high.
The New Year's Eve of December 30, 2023, became a "contract withdrawal moment" for many traders. That night, after steadily rising to $300, TRB suddenly plummeted by over 25% at 8 p.m., dropping to around $200 within two hours. At this point, it was still considered a high level in TRB's past performance, and its downward trend triggered more short selling. However, TRB quickly began to soar, quickly reaching a new high and rising all the way to $629, a 165% increase in six hours.
Without warning, at 6 a.m. on January 1, TRB began to plummet, with a nearly 70% drop in one hour. Under the double explosion of long and short positions, TRB's liquidation reached $55.48 million on that day, more than twice the amount of ETH liquidation ($19.49 million) during the same period.
On that day, in addition to the heavy losses suffered by contract players, decentralized trading platforms were also affected. Kain.eth, the founder of the decentralized synthetic asset issuance protocol Synthetix (SNX), stated on X platform that the abnormal fluctuations in TRB caused SNX stakers to lose about $2 million. In addition, due to the excessively volatile token, there was a price difference of nearly 40% between centralized trading platforms.
The reason why TRB was able to take the "roller coaster" route is related to its limited circulation, with less than 260,000 TRB in circulation. According to community analysis, the majority of TRB chips are concentrated in the hands of a few major players. During the "bloodbath" that night, major players only needed to invest $40 million to push TRB up by 80% from $280, easily controlling the power to draw lines.
Returning to this recent rise, a week ago, when TRB rose from $45 to $60, the community had already issued many warnings: "TRB is starting to play tricks again, everyone must not be fooled, even if you want to play, set a good stop loss, don't stubbornly fight the major players." However, as TRB successively broke through $100, $120, and $130, there were also more contract orders related to TRB.
In fact, before the "long and short bloodbath" at the beginning of the year, TRB had experienced two single-day fluctuations of nearly 50% in the previous month. But these fluctuations did not dampen the enthusiasm of traders. After a four-month hiatus, TRB has made a comeback. From Coinglass data, it can be seen that the amount of TRB contract liquidation has significantly increased since May 1. After having "experience," can arbitrageurs escape unscathed?
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