Ethereum-Based Altcoin Takes a Nosedive – Drops by Almost 78% Following Team’s Move to Coinbase, Reveals On-Chain Data

So, here’s the scoop: there’s been quite the rollercoaster ride in the world of crypto. An altcoin linked to Ethereum, called Tellor Tributes (TRB), recently went on a wild rally, only to come crashing down. According to the folks at Lookonchain, a blockchain data tracker, TRB experienced a parabolic surge, reaching a high of $600 on December 31st. But then, out of the blue, it nosedived to a mere $137, resulting in the liquidation of a whopping $68 million in assets. Ouch!

Coinbase Move Raises Eyebrows

The plot thickens. Lookonchain’s sleuths observed something interesting – the Tellor team decided to shift a hefty 4,211 TRB tokens (equivalent to $2.4 million) onto the popular US exchange, Coinbase. What’s the catch, you ask? Well, they did this right after TRB’s price shot through the roof and just before it came crashing back down. Talk about timing!

Road to Recovery

Now, here’s the twist. TRB didn’t stay down for the count. After the dramatic fall, it managed to pick itself up and is currently trading at $183.64 as of now. That’s an 18% rebound in the past 24 hours. The crypto market is like a soap opera – full of ups and downs.

If we rewind a bit, back in November, the crypto analysts over at Santiment noticed something fishy. Wealthy TRB holders, with pockets deeper than the Mariana Trench, were accumulating the altcoin like it was going out of style. Over a seven-week binge, these big-shot traders added a whopping 15% of the total TRB supply to their portfolios. That’s right, they now own a staggering 46% of the entire pie. All this frenzy happened while TRB’s value skyrocketed from under $15 in September to a jaw-dropping $134.

So, there you have it – a crypto saga of highs, lows, and a dash of mystery. The lesson? Keep an eye on those market moves; you never know when a coin’s fortune might take an unexpected turn.