Tellor Price Prediction: TRB's Rollercoaster Ride Suggests Manipulation As This Meme Coin Held By Justin Sun Rockets Past $1.6 Million

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The Tellor price is down 1.25% to trade for $182.67 as of 6:20 a.m. EST time, with trading volume dropping 72% after a rollercoaster ride since the last day of 2023.

Featuring among the top trending coins, the Tellor price action has sparked controversy, with many signs pointing to manipulation. It follows an 82% drop from an intra-day high of $629.04 on December 31 and then a range low of $121.00 on January 1.

The December 31 surge saw almost $40 million in short positions liquidated against $18 million in long positions.

Tellor Price Pump And Dump Sparks Rumors of Manipulation

Amid rumors of manipulation, traders are pointing fingers at the team behind the TRB project. Supporting data from Etherscan shows that when the price surged, the Tellor team moved around 4,211 TRB tokens, worth approximately $2.4 million, to a Coinbase wallet.

Nevertheless, according to Spot On Chain, a blockchain analytics firm, the fluctuations seen in Tellor price came as 26% of TRB’s circulating supply was distributed between 20 wallets. The wallets belong to large holders, otherwise termed whales.

Specifically, the whales started buying TRB tokens before depositing them to centralized exchanges (CEXes). Reports suggest the whales then moved to take advantage of what seemed to be artificial price movements to lock in higher profits.

🚨🚨 $TRB reached its all-time high today at $225, but what's next?

Current situation:

➡️ Among the 2.5M $TRB in circulation, about 1.7M is on exchanges, and 660K is held by a group of 20 whales (which is ~95% of the tokens).

➡️ The group of whales accumulated these tokens in… pic.twitter.com/kWbZGxEqcv

— Spot On Chain (@spotonchain) December 29, 2023

“Among the 2.5M TRB in circulation, about 1.7M is on exchanges,” said a report from the blockchain analytics firm “660K is held by a group of 20 whales. The group of whales accumulated these tokens in August and September at a favorable price of $15. Over the past two months, the whales have slowly deposited their tokens onto exchanges. This created a pump-and-dump cycle to liquidate their holdings.”

Explore our guide to discover some of the best spots to buy Tellor.

Synthetix Stakers Suffer Amid Tellor-Related Controversy

The anomalous experience in the Tellor ecosystem extended to the Synthetix (SNX) market, with SNX stakers losing approximately $2 million. According to Synthetix founder Kain Warwick, the loss came because of a failure in the automated risk parameters on the decentralized protocol to recognize that TRB’s price was allegedly being manipulated to produce abnormal price points.

What happened? TRB had a 250k USD open interest cap that ballooned to 12.5m as the price ran up the last few months. This should have been adjusted back down, but risk controls were lax, there was diffusion of responsibility. The Spartan Council is responsible for params though.

— kain (@kaiynne) January 1, 2024

“Several short positions were opened as the price spiked today and with the dislocation of spot and perp prices there was no arb to balance it,” Warwick said. “This should have been adjusted back down, but risk controls were lax, there was diffusion of responsibility. The Spartan Council is responsible for params though.”

With this, the Synthetix executive proposed the integration of risk management on a decentralized perpetual exchange such as Synthetix, one that cannot be resolved through traditional dispute resolution mechanisms like courts.

Tellor Price Outlook

After hitting an intra-day high of $629.04, Tellor price is sitting on the support due to the $23.6% Fibonacci level at $155.95. The odds are inclined towards the downside, with the Relative Strength Index (RSI) heading south to show momentum is falling.

The Awesome Oscillator (AO) also shows red histogram bars accentuated by a pending sell signal on the Moving Average Convergence divergence (MACD) just about to cross below the signal line (orange band).

If traders heed this bearish call, Tellor price could descend below the 23.6% Fibonacci level at $155.95, or in the dire case, extend the fall to the bottom of the market range at $9.11.

On the flip side, if sidelined investors come into the market, Tellor price could push north, shattering past the 38.2% Fibonacci level at $246.80 to test the 50% retracement level at $320.22. A break and close above this level would invalidate the prevailing bearish thesis.

Enhanced buyer momentum could see Tellor price extend the climb, breaking past the most critical Fibonacci level of 61.8% at $393.64. In a highly bullish case, the gains could extrapolate to breach the 70.5% Fibonacci level at $447.78 or higher, filling the market range at $631.11. Such a move would constitute a 256% climb above current levels.

Elsewhere, analysts have selected their top picks for the best crypto ICOs with big returns in 2024. Among them is Sponge V2, the upgraded version of Sponge V1.

https://www.youtube.com/watch?v=V9JtltmS8W4

For more information, check out our Tellor Price Prediction guide.

Promising Alternative To Tellor

Sponge V2, standing among the best metaverse crypto projects and a top pick for NFT and virtual world enthusiasts, is a successor to Sponge V1, the meme coin that recorded a 100x surge in 2023.

https://twitter.com/spongeoneth/status/1736710430888739065

The project is in the presale stage, with each token selling for $0.000541. Buy and Stake V1 tokens to earn sponge V2 tokens. That is right! SpongeV2 is only available through Stake-To-Bridge.

https://twitter.com/spongeoneth/status/1742138711687524583

When buying or staking Sponge V1 through the website, the user will receive an equivalent amount of Sponge V2, and then receive staking rewards from their locked V1 tokens over 4 years. Tron founder and Huobi Global advisor Justin Sun is also a Sponge supporter.

🚀Crypto billionaire Justin Sun made a $14.7 million ETH transfer from Binance, sparking rumors of a potential investment in Sponge V2. With the upcoming launch and P2E gaming, could this be the next meme coin to explode? Dive into the details here: https://t.co/vfHD8vdE9v

— Chris Terry (@BlockchainSoft) December 29, 2023

A wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) tagged as ‘Justin Sun 4’ on Etherscan holds 108 million SPONGE V1 valued at $43,246.