Teller Price Prediction: TRB’s Rollercoaster Ride Suggests Manipulation as This Meme Coin Owned by Justin Sun Rockets Crosses $1.6 Million

adminJanuary 3, 2024

join us telegram A channel to stay up to date on breaking news coverage

Teller is trading down 1.25% at $182.67 as of 6:20 a.m. ET, with volume down 72% after a rollercoaster ride since the final days of 2023.

As one of the most popular coins, Tellor price action has sparked controversy, with many signs pointing to manipulation. This follows an 82% decline from the December 31st intraday high of $629.04 and the January 1st low of $121.00.

The surge on December 31 resulted in the liquidation of nearly $40 million in short positions and $18 million in long positions.

Tellor Price Pump and Dump Sparks Rumors of Manipulation

Amid rumors of manipulation, traders are accusing the team behind the TRB project. When prices soared, the Tellor team moved about 4,211 TRB tokens worth about $2.4 million to Coinbase wallets, according to supporting data from Etherscan.

Nonetheless, according to blockchain analytics firm Spot On Chain, the fluctuation in the teller price occurred as 26% of TRB’s circulating supply was distributed among 20 wallets. The wallet belongs to a large holder called a whale.

In particular, whales started purchasing TRB tokens before depositing them on the centralized exchange (CEX). According to the report, whales have moved to take advantage of what appear to be artificial price fluctuations to secure higher profits.

🚨🚨 $TRB It hit an all-time high today at $225. What’s next?
current situation:
➡️Out of 2.5 million people $TRB There are approximately 1.7 million exchanged in circulation, with 660K held by a group of 20 whales (~95% of tokens).
➡️The whale group accumulated these tokens as follows: pic.twitter.com/kWbZGxEqcv
— Spot on Chain (@spotonchain) December 29, 2023

“Of the 2.5 million TRB in circulation, approximately 1.7 million TRB are on exchanges,” according to a report from a blockchain analytics firm. 660K is held by a group of 20 whales. The whale group accumulated this token at a favorable price of $15 in August and September. Over the past two months, whales have been slowly depositing tokens into exchanges. This has created a pump and dump cycle to liquidate holdings.”

Synthetix stakers have been struggling due to the Tellor-related controversy.

The anomalous experience in the Tellor ecosystem extended to the Synthetix (SNX) market, with SNX stake holders suffering losses of approximately $2 million. According to Synthetix founder Kain Warwick, the losses occurred because the decentralized protocol’s automated risk parameters failed to recognize that TRB’s price was being manipulated to create abnormal price points.

What happen? TRB’s open interest limit was $250,000 and has increased to $12.5 million as the price has risen over the past few months. This had to be re-aligned, but risk controls were lax and responsibility was diffused. The Spartan Council is responsible for the parameters.
— kain.eth (@kaiynne) January 1, 2024

“With the price surge today, multiple short positions were opened and there was no arbitrator available to balance due to the fluctuations in spot and perpetual prices,” Warwick said. “We had to readjust this, but risk controls were lax and responsibility was diffused. But the Spartan Council is responsible for the parameters.”

With this, Synthetix management proposed incorporating risk management into decentralized perpetual exchanges like Synthetix that cannot be resolved through traditional dispute resolution mechanisms such as courts.

Teller Price Outlook

After hitting an intraday high of $629.04, Tellor price is finding support at the $23.6% Fibonacci level at $155.95. The odds are trending to the downside, with the Relative Strength Index (RSI) heading south, showing that momentum is dropping.

The Awesome Oscillator (AO) also displays a red histogram bar highlighted by the Moving Average Convergence Divergence (MACD) as a pending sell signal about to cross just below the signal line (orange band).

If traders heed this downside, the teller price could fall below the 23.6% Fibonacci level of $155.95 or, in a worst-case scenario, extend the decline to the bottom of the market range at $9.11.

Conversely, if sideline investors enter the market, Teller price could move northward, crossing the 38.2% Fibonacci level of $246.80 and testing the 50% retracement level of $320.22. A close above this level would invalidate the prevailing bearish theory.

If buyer momentum strengthens, Teller price could continue its upward trend and surpass the most important Fibonacci level of 61.8% at $393.64. If we are very bullish, we could extrapolate an upside and break the 70.5% Fibonacci level above $447.78, filling the market range to $631.11. Such a move would result in an upside of 256% from current levels.

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

A promising alternative to Tellor

One of the best Metaverse cryptocurrency projects and a top choice for NFT and virtual world enthusiasts, Sponge V2 is the successor to Sponge V1, a meme coin that surged 100x in 2023.

📣 We are excited to announce this. #sponge Connects from V1 to V2!
your $sponge Earn #SpongeV2 token. 🧽︎
Buy and stake now to receive special V2 token bonuses! Don’t miss it 🔥#memecoin #web3 #bull market pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023

The project is in the pre-sale phase and each token is sold for $0.000541. Buy V1 tokens and stake them to get Sponge V2 tokens. That’s right! SpongeV2 is only available through Stake-To-Bridge.

🚀Did you miss 100X in 2023?🎉 $sponge We’re back with V2 – bigger, better and ready to soak up the moisture!
Hurry up and stake your stake now to join the ride!
Visit our website for more information! 🔥#SpongeV2 #web3 #Cryptocurrency #how pic.twitter.com/bD4oZTpElW
— $SPONGE (@spongeoneth) January 2, 2024

By purchasing or staking Sponge V1 through the website, users will receive the same amount of Sponge V2 and receive staking rewards in locked V1 tokens over 4 years. Justin Sun, Tron founder and Huobi global advisor, is also a Sponge supporter.

🚀Crypto billionaire Justin Sun transferred $14.7 million ETH from Binance, sparking rumors of a possible investment in Sponge V2. With upcoming releases and P2E gaming, could this be the next meme coin to explode? Find out more here: https://t.co/vfHD8vdE9v
— Chris Terry (@BlockchainSoft) December 29, 2023

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