Resistance

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Shiba Inu

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Tellor

<p>According to on-chain analytics firm <a href="https://twitter.com/spotonchain/status/1718843044450157035?t=0GioePZdUB3XqWy-hFq9jA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Spot On Chain</a>, large Tellor (TRB) whales have been withdrawing significant amounts from exchanges Binance and OKX over the past week, preceding a 43% TRB price pump.</p>
<p>Specifically, whale address 0x7d3 withdrew 17,132 TRB worth $1.87 million from Binance as the TRB price surged. Overall, Spot On Chain detected 8 major whales withdrawing a total of 197,516 TRB worth $17.7 million from the two exchanges in the past 7 days.</p>
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<p>These large withdrawals from centralized exchanges reduce the circulating supply of TRB available for trading on platforms like Binance.</p>
<p>With less liquidity on exchanges, the floats become thinner and more prone to volatility spikes as demand increases. This allows prices to be propped up at higher levels.</p>
<p>Alongside the large exchange outflows, TRB has seen a technical breakout over the past week, gaining 13% in just the last 24 hours. The price action has broken out above its 20-day moving average after an extended period of trading below it.</p>
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<p>In addition to the whale exchange activity, on-chain metrics for the Tellor protocol have turned increasingly bullish recently. The 30-day MVRV ratio is positive, indicating short-term holders are profiting.</p>
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<p>According to Spot On Chain, the combination of large TRB withdrawals from centralized exchanges and improving on-chain metrics points to building momentum for a prolonged price expansion.</p>
<p>While significant amounts of TRB have moved off exchanges lately, the on-chain data suggests these large holders are accumulating positions rather than selling. This indicates the large withdrawals are likely whales preparing for the next leg up in a prolonged bull run, rather than distributions.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/are-trb-whales-stockpiling-large-exchange-withdrawals-precede-43-tellor-pump/">Are TRB Whales Stockpiling? Large Exchange Withdrawals Precede 43% Tellor Pump</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Are TRB Whales Stockpiling? Large Exchange Withdrawals Precede 43% Tellor Pump

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