Tellor's price decreases after reaching all-time high; massive liquidation occurs.

The crypto market was recently shocked by the dramatic price action of Tellor (TRB). Within 24 hours, TRB showed high volatility with liquidations reaching US$68 million or the equivalent of one trillion rupiah. This gave rise to speculation about possible price manipulation by “whales” in the market.
Picture: TRB price movement in the last week. Source: Coinmarketcap.
On January 1, 2024, TRB jumped sharply from US$232 to a peak of US$602, before dropping to US$121. Currently, TRB is trading at US$187. The sharp decline led to massive liquidations.

This sharp drop is suspected to be due to market manipulation, because Lookonchain data found that Tellor's team deposited 4,211 TRB tokens worth US$2.4 million to Coinbase, coinciding with the peak of TRB prices before plunging by around 70% within hours after touching the all-time high price.
Additionally, IntoTheBlock data shows that 14 wallets “whale” control 76% of the supply of TRB tokens. TRB control in a little wallet it provides the risk of pump and dump on the token price.

In the past 24 hours, $TRB soared to $600 and then plummeted to $137, causing $68M of assets to be liquidated, making it the most liquidated token.

We noticed that the #Tellor team deposited 4,211 $TRB($2.4M) after the price of $TRB skyrocketed.

Address:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI
— Lookonchain (@lookonchain) January 1, 2024

About Tellor (TRB)

TRB is a utility token for Tellor, a decentralized oracle network, similar to Chainlink (LINK) that feeds price data to < a i=3>smart contract that runs on the blockchain network.
TRB has mostly traded below US$15 throughout 2023. Its price started to rise in September along with overall positive crypto market conditions. TRB then began a sustained price surge in mid-September until it reached US$140 on November 9.
After reaching this point, TRB experienced a price decline throughout the month until the end of November at around US$77 and skyrocketed to a price of US$602 on January 1, 2024 before falling again.