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The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

At the beginning of 2024, the old project of the oracle track, Tellor Tributes token TRB, completed a "roller coaster" performance.

On December 31, TRB, which had risen from around $11 to $268 in more than three months, did not brake, but topped around $590 in the next six hours. An even more surprising scene followed, also in 6 hours, TRB plummeted to around $149.

In 12 hours, the price soared and plummeted, and TRB, whose logo resembles a "full moon scimitar", created the first "long and short double explosion" tragedy in the new year in the crypto asset market, with a contract liquidation amount of 73.1 million US dollars.

An existing voice in the market has finally been heard: TRB with a maximum supply of 2586819 has been controlled. Spot On Chain, an on-chain analysis tool, previously counted that "of the 2.5 million TRB in circulation, about 1.7 million are on exchanges, while 20 whales hold 660,000." ”

Some of the address fundraising behavior occurred in August 2023, when TRB was rising, when LD Capital, a crypto asset investment and service provider, mentioned TRB's on-chain position building behavior in a report. Or because of this, some investors pointed the controller to LD, which attracted Lou Jiyue, a partner of the institution, to come forward to clarify in the form of a public "reward of $10 million for finding evidence".

Since then, some on-chain analysts have pointed out that before the TRB crash on January 1, the Tellor Tributes team deposited 4211 TRB into the centralized exchange Coinbase. On-chain data shows that 2 days ago, the team had transferred 7,000 TRB to Coinbase, which was the stage when TRB continued to rise.

In the illiquid TRB market, over-leveraged trading positions have also contributed to the TRB's sharp rise and fall. Some traders observed that TRB's daily contract trading volume is more than $500 million, "and there are a lot of gamblers." ”

Giant whale control, team shipments, excessive leverage, and uncontrolled "demon coin" TRB completed the first cut of the new year.

Long and Short Double Explosion "Full Moon Scimitar" 12 hours of whirlwind harvest 

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

At 9:25 p.m. the night before the New Year, TRB, which had been rising for four months, climbed from $268.88 to $593.09 by 6:15 a.m. the next morning, an increase of 120.5%.

Just as TRB successfully attracted the attention of the market, TRB fell off a cliff in the next 1 hour, falling to a low of $143.69 in 6 hours, a drop of 312.75% from the high.

The violent fluctuations in a short period of time directly caused the "long and short double explosion" of the contract market. According to the data, in the 24 hours before 8 a.m. on January 1, the liquidation amount of TRB futures contracts was $73.1 million, of which $44.49 million was liquidated by short orders and $28.61 million by long orders.

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

The 24-hour TRB futures contract was liquidated at $73.1 million

In addition to the liquidation that occurred within centralized exchanges, decentralized DeFi applications were not immune.

On January 1, @kain.eth, founder of Synthetix (SNX), a decentralized synthetic asset issuance protocol, said on the X platform that SNX stakers lost about $2 million due to abnormal fluctuations in TRB.

@kain.eth explained that TRB originally had an open interest limit of $250,000 on Synthetix, but as its price has risen in the past few months, this cap has ballooned to $12.5 million, which should have been lowered, but the risk was not tightly controlled. "Today the TRB price soared and several short positions were opened, but the arbitrage balance failed due to the misalignment of the spot price and the contract price, which was a lesson for Synthetix. ”

The price anomaly of TRB also appears on the quotations of the exchange. At around 10 a.m. on January 1, the TRB/USDT price on OKX was at $233.24, while the Binance TRB/USDT price was at $170.74, a spread of 36.6%.

In fact, TRB, whose logo resembles a "full moon scimitar", appeared as early as 2019, and it is the native token of the decentralized oracle protocol Tellor Tributes, with a total supply of 2,586,819 and a current circulation of 2,553,723.

According to CoinGecko, a third-party data platform for the crypto asset market, TRB entered the secondary market in early October 2019 with an initial price of only $0.8, climbed to $146.14 during the crypto bull market in 2021, and fell below $100 four days later. In the 1 year since, the TRB price has been oscillating in the double digits.

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

TRB prices have been quiet for nearly 2 years, and suddenly changed from August 2023

At the beginning of 2023, TRB remained between $8-$10, and until September 16, TRB rushed from around $10 to more than $40 in less than 1 month, multiplying several times, and even exceeded $60 on some exchanges at the end of September. After half a month of repair, it continued to rise from around $46 on October 13 to a stage high of $139.92 in early November, and finally rose and fell at the end of the year, "bloodbathing" the contract market.

Such a project, which was born in 2019 and was half-dead for nearly 2 years, suddenly came back to life in September last year, fluctuated all the way up, and turned into a "killer" of long and short double explosion at the end of the year. When things go wrong, there must be demons.

Ambushed for 4 months, the giant whale sucked the chip control plate

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

After the "demon coin" released the demon energy, the situation of the giant whale controlling the disk gradually became clear.

In fact, on December 29, when TRB rose to $225, Spot On Chain, an on-chain data analysis tool, issued a reminder that "out of the 2.5 million $TRB in circulation, about 1.7 million are on exchanges, while 20 whales hold 660,000." ”

After analyzing the data, Spot On Chain also said that the whales accumulated TRB at a favorable price of $15 in August and September, and since then, the price of the token has increased 15 times, earning a total of $120 million ($40 million in realized profits and $80 million in unrealized profits). Over the past two months, whales have slowly deposited their tokens on exchanges, creating a cycle of pump-and-sell to liquidate their holdings.

Crypto players who have experienced 2017 know that when chips are overly concentrated in the hands of one or a few people, tokens become a tool for market makers to manipulate prices.

Spot On Chain suggested at the time that they took control of the game since most of the tokens were still in the hands of whales. The price may experience a significant rise to clear short positions and a hard sell-off to liquidate its holdings.

The tip of Spot On Chain finally became a prophecy, and TRB dived just 6 hours after the new year.

So, who are these whales who control TRB's chips?

Unfortunately, while the public nature of blockchain addresses allows anyone to see where assets are flowing, the anonymity of blockchains does not allow the outside world to know the identity of the specific holder.

Someone pointed the trader to a crypto asset investment service provider. On social media, some people accused LD Capital, which is familiar to many people in the Chinese currency circle.

In this regard, Lou Jiyue, a partner of Leader Capital, responded on multiple social channels such as X, "If you find any Binance account KYC information and LD/myself/information related to any of our related parties, transaction costs and price fluctuations of this wave of TRB, a reward of $10 million will be offered, otherwise, the content of the information that exceeds 3,000 views will be disseminated, and the relevant legal responsibilities will be pursued." ”

The reason for the accusation may be a report on the analysis of TRB's funds released by the agency on August 28 last year. In fact, MadeCapital mentioned in the report at that time that some addresses were absorbing TRB.

The report shows that large fluctuations on the chain were observed on August 21, which is the highest level since January this year, and much larger than the previous data. At the same time, the price did not fluctuate significantly, hovering around $10, "We think that someone may have opened a position on the chain at this time." ”

Without an address and identity, this report is not proof of the accusation of capital control, but the report does prove that TRB Whale is indeed at a low point.

The whales are uncertain, and the people who sell at the highs are caught in the current.

On January 1, on-chain analytics tool Lookonchain reported that a wallet address associated with the Tellor Tributes development team transferred 4,211 TRB to the exchange Coinbase after the price of TRB skyrocketed, according to tracking data. At the time, the TRBs were worth $2.4 million.

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

Tellor team-related addresses have been transferred to Coinbase multiple times

According to on-chain data, the address, which starts with 0x1B8, transferred 12,735 TRB to Coinbase in December and received 20,000 TRB through Tellor's multisig.

Accordingly, it is not excluded that the Tellor Tributes team profited from the highs of TRB.

While analysts @Riyad_carey noted that the Tellor Tributes team deposited TRB into Coinbase a few hours before the price crash, but the sell-off on Binance was about 2 minutes earlier than Coinbase. But after the Tellor Tributes team deposited TRB into Coinbase for the second time, there was a $350,000 sell-off in the market, causing the TRB price to drop from $500 to $400. In this regard, he believes that the Tellor Tributes team does not rule out clearing chips, but the whales that really seriously manipulate prices are hiding in Binance.

This analysis also coincides with the data tracked by Spot On Chain, which has created aggregate data from whale address prompts that shows that since September, most of the TRB in the whale wallet has flowed to Binance, the world's largest crypto asset exchange.

According to on-chain data, even today (January 5), an address on Binance still ranks first among TRB holders, with a total of 771,600 TRB, accounting for 29.82% of the total supply, and the second largest exchange is OKX, with a total of 189,700 TRB, accounting for 7.2%.

In addition, the TRB in the top 10 non-exchange whale addresses accounts for 24.85% of the total supply, about 642,900, and the chips are still concentrated.

过度杠杆  「赌场」无人生还

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

Investors affected by the sharp rise and fall of TRB are not only angrily scolding the whales hiding in the shadows to control the market, but also expressing dissatisfaction with the exchanges' behavior of allowing the whales to slaughter investors, and some users have called on Binance, Coinbase, OKX and other exchanges to remove this "stand-alone coin".

After the incident, Binance took temporary measures and suspended TRB's withdrawal services. However, as of press time, no exchange has removed TRB.

The liquidation amount of more than 70 million has indeed caused many people to lose a lot, and the excessive leveraged trading behavior in the market has actually contributed to the sharp rise and fall of TRB.

As early as August, when MadeCapital discovered that TRB had on-chain fund-raising behavior, it also found that the contract volume and open interest of TRB also rose at that time. On the morning of August 26 alone, TRB's 24-hour contract volume increased by 151%, and contract open interest increased by 93%. "The large account position is in a long state, and the account long-short ratio is 0.96, indicating that there are a large number of retail investors who are short. ”

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

Capital 8

moon

26

Day recorded

TRB

Futures market data

At that time, TRB's trading volume was still $30.5 million, and the open interest was $12.8 million. By August 28, just two days later, TRB's contract volume and open interest increased rapidly, "In the last 24 hours, its contract trading volume was $1.6 billion, and the open interest was about $68 million." ”

August is the stage when whales begin to attract funds, and the rise in the price of TRB has also begun to attract traders of futures contracts, and the open interest of the TRB contract market has also started in August.

The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

2023 TRB contract open interest changes and liquidation data from October

According to common sense, no coin will continue to rise. But TRB doesn't care about common sense, and after entering October, the "Air Force" has become a frequent buyer of TRB's rising stage. By October 26, TRB, with a total market capitalization of $250 million, had an open interest of $355 million in the futures market, with a funding rate of -1.38%.

After the continuous short order liquidation, some traders have smelled the crisis and given up trading on TRB, while there are still some people who do not believe in evil and always want to eat a wave of short profits at the high point, but they have been defeated repeatedly.

On December 29, before TRB hit $500, Myth, a Binance user who had shorted the token, recalled that he had shorted TRB near $35 and was lucky to have eaten a big pullback, but after continuing to try swing shorting, the profit retraced by nearly 80%, and then abandoned the target.

He speculated that the coin holder continued to smash by manipulating the currency price, and then used the contract leverage to make profits. "If you are still playing contracts, it is best to stay away from this coin, now this token has a daily contract trading volume of more than 500 million U, which can only say that there are really a lot of gamblers. ”

Two days later, TRB soared within 6 hours and dived within 6 hours, with both long and short bursts, and no one survived in the contract market.

Looking back, the supply of TRB is only 2.58 million, which is almost fully in circulation, and in a market where the price itself is not high, this kind of crypto asset is easy to be absorbed at a low price. When the dealer has more and more chips in his hand, they almost have the right to draw the K-line, and the "closed-eyed players" in the contract market can only be slaughtered.

The existence of the "demon coin" TRB and the fact that it can continue to exist after the release of the demon qi once again proves the lack of investor protection in the crypto asset market. In such an environment, there is only one way for investors to protect themselves, keep their eyes open and stay away from those illiquid market targets.

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The beginning and end of TRB's "roller coaster": whale control, team shipments, and excessive leverage

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.05);--weui-RED: #dc3636;--weui-ORANGERED: #d14730;--weui-ORANGE: #e17719;--weui-YELLOW: #bb8e00;--weui-GREEN: #4f8400;--weui-LIGHTGREEN: #2e8800;--weui-FIRE: #018942;--weui-BLUE: #007dbb;--weui-INDIGO: #0075e2;--weui-PURPLE: #6265f1;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #e17719;--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #007dbb;--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px) {body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .. 1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: 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