Tellor (TRB), or Tributes, is an Ethereum token that mainly powers the Tellor network. It is a blockchain-based decentralized oracle network whose main purpose is to connect smart contracts on Ethereum to external data. That is, it allows smart contracts to receive external data without trust. One of the main advantages of Teller is that it provides all the details the traders need, like market data and the associated metrics, in a single place. The coin had a huge surge in the market last week with a rise of 40.73%. In this article, we will discuss this sudden price hike and the reasons behind this as well as the current standing of the coin in the market.
TRB Current Market Standing
Ranked #265 by CoinMarketCap, the TRB is currently trading at $75.70. As the US Presidential Election concluded with Trump being victorious and the FED cutting the bps rate by 25, various cryptocurrencies started surging in the market. The TRB is one such coin that is circulating in the market. With a growth rate of 18.11% in just the last month, the coin has gained a lot of ground in the crypto market.
7 days prior, the coin was trading at $53.3602. The coin’s market value stayed at this level until the 10th of this November. After this, the coin shot straight up without any warning. It reached a high of $106.32 on that very day. After this magnificent spike, the coin started showing signs of a bearish trend. Its value dropped to $75 and is currently flirting with the $80 mark. If the market trends tend to be in favor of the coin, then there is a high chance that it may surge in the coming months.
The US Presidential Election & The TRB coin
Since the US Election, many coins have started surging in the market. This situation escalated when Trump gained victory over Kamala Harris and the FED cut the bps rate. The TRB coin rose over 40% shortly after Trump emerged victorious. One of the main reasons behind the sudden surge in demand for crypto coins is Trump declaring himself an active crypto enthusiast, even dubbing himself a “pro-Bitcoin President”.
A lot of people are harboring the hope that Trump will introduce various reforms in favor of the US crypto market. With this in mind, various investors started to hoard cryptocurrencies. This has in turn led to a huge surge in the crypto market with various coins rising to the top. If this trend continues, we may see a lot of coins climbing in the market shortly.
TRB Shows Bearish Trend Amid Whale Influence
The TRB coin is currently one of the top trending crypto coins in the market. The coin even reached a high of $100 in the past 3 days. This all changed when 2 whales moved a total of 226,741 coins into the OKX exchange. The amount accounts for nearly 8.2% of the total supply. This unexpected move has led to an increase in market volatility, with various investors closely monitoring these whales.
The fluctuation has led to the token stumbling in the market. This is because normally when you move a large amount of tokens to another exchange, it is to quickly sell it off. The tokens accumulated by the whales are roughly worth about $12.18 million. If the Teller coin gets sold off in such a way and a large amount, then it can significantly affect the coin’s price in the market.
TRB Coin Price Prediction: What the Future Holds For The Coin
Now that we looked into how the coin is fairing in the market, let’s see what the future holds for it. For this, we have prepared a price prediction table for the coin in the upcoming years. Kindly refer to it, if you want to gain insight on the coin’s future.
| Year | Min Price | Avg Price | Max Price | ROI (Potential) |
|---|---|---|---|---|
| 2024 | $ 72.13 | $ 12.41 | $ 78.56 | 3.22% |
| 2025 | $ 70.22 | $ 74.59 | $ 86.44 | 13.83% |
| 2026 | $ 69.00 | $ 70.17 | $ 73.86 | 2.98% |
| 2027 | $ 68.99 | $ 73.96 | $ 108.95 | 43.71% |
| 2028 | $ 41.58 | $ 77.15 | $ 111.46 | 47.11% |
| 2029 | $ 23.27 | $ 64.80 | $ 181.12 | 139.55% |
| 2030 | $ 11.18 | $ 22.75 | $ 58.22 | 22.90% |
Keep in mind that the above-given prices are susceptible to changes in market trends and can vary accordingly.
Is It a Good Buy?
With an astonishing performance in the market, the TRB token is one of the best coins in the market. However, if you’re considering investing in it, there are a lot of factors that you need to take into account. The main thing is the whale influence. If the 2 whales associated with the TRB token decide to sell off their token, then there is a high chance that you might incur a loss.
There are also several other factors like market trends and geopolitical issues that can negatively impact the coin’s growth in the market. So, if you’re truly considering investing in the coin, it is better to conduct thorough research about the coin and the associated market trends before going forward with the investment.