- Crypto whale pulls $116 million worth of TRB tokens, accounting for 34.5% of circulating supply.
- TRB prices surge from $14.45 to $46.3 since August 30, sparking market volatility.
- Whale’s actions hint at spot circulation manipulation for contract income and high funding rates.
A significant crypto whale has withdrawn a staggering total of 872,600 TRB tokens.
This withdrawal, which began on August 30, accounts for a substantial 34.5% of the circulating supply of TRB and is currently valued at approximately US$116 million.
The whale’s actions have been particularly conspicuous due to a series of large transactions. On September 4th, 9th, and 15th, three transfers of 100,000 TRB each were executed, with the tokens ultimately finding their way to the Binance exchange. Despite these withdrawals, the still retains a substantial holding of 540,000 TRB, constituting 21.4% of the total circulating supply.
The impact of the whale’s actions on TRB prices has been notable. Since August 30, TRB prices have experienced significant fluctuations, ranging from $14.45 to $46.3. Such drastic price swings have raised concerns among traders and investors.
The trading volumes surrounding TRB have exhibited interesting dynamics. Over the past 24 hours, spot trading volume for TRB reached a modest $184 million, while contract trading volume surged to an impressive $6.748 billion. This discrepancy suggests that the whale may be strategically controlling the spot circulation of TRB, potentially to maximize contract income and take advantage of high funding rates.
The situation underscores the influence that large holders, or whales, can exert on the cryptocurrency market. Such actions can lead to increased volatility and uncertainty, impacting the overall trading environment. Market participants are closely monitoring the whale’s movements, as they can have a profound effect on TRB’s future price trends and trading dynamics. As the situation unfolds, it serves as a reminder of the unique challenges and opportunities presented by the crypto market.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.