Tellor (TRB) price surges 750% as network activity hits ATH

Over the past 30 days, TRB gained more than 150% in price, making it the top gainer among other altcoins.

Tellor’s native token (TRB) has entered the top 150 cryptocurrencies by market capitalization, according to CoinMarketCap.

The token soared more than 750%, becoming the most profitable over the past three months. As of press time, TRB is trading at $82.3, with a market cap of $202 million.

As noted by analysts at blockchain firm Santiment, the surge in price came as network activity around Tellor hit its all-time high, generating over 50 unique transactions a day with more than $100,000 in value. Alongside whale activity, Tellor also registered a surge in daily active addresses, hitting the 504 mark on Oct. 23, according to Santiment.

Yet, despite the multi-week rally, TRB is showing signs of overheating as funding rates turn negative. As per data from Coinalyze, funding rates on TRB futures on four crypto exchanges — Binance, ByBit, Huobi, and OKX — turned negative, hitting an average of -0.38, which might indicate traders’ willingness to pay longs to keep their bearish bets open.

TRB price compared to aggregated funding rate | Source: Coinalyze

And it seems the reversal has already started as TRB price declined by around 15% within an hour shortly after hitting the $98 mark.

Tellor is a decentralized permissionless oracle based on the Ethereum blockchain as well as other sidechains, which provides decentralized applications with access to off-chain data. While Chainlink and Tellor might seem very similar, the latter has made its bet on decentralization, allowing anyone with 1,000 TRB to set up a node and offer data to an oracle. In contrast, Chainlink allows submitting data only by whitelisted nodes.


Follow Us on Google News

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *