Tellor (TRB) is up 640% in 2023, back to 2021 highs before Bitcoin, XRP?

Tellor (TRB), a decentralized oracle protocol and Chainlink alternative, has been one of the top performers in recent months. Looking at the price action, TRB is up 640% in 2023, up 269% in the last month alone, recouping losses from 2022. Behind this resurgence is an increase in trading volume, indicating bulls’ commitment.

TRB prices are recovering and recouping 2022 losses

As TRB gallops past the $44 mark and 2022 highs, the token has overtaken some of the top coins in the space, including XRP and Bitcoin (BTC). For comparison, Bitcoin is struggling to break the $30,000 mark. On the other hand, XRP reversed all the gains it made after a court ruling declared XRP a commodity. TRB is up more than six-fold from 2023 lows and is surging in a crypto winter.

A look at on-chain data shows that although there is evidence of retail traders taking profits at spot prices, the number of TRBs on exchanges has declined over the past week. This decline suggests that retail traders and whales could be accumulating, which could lead to more TRB.

Tokens on exchanges| Source: NerdBot

An analysis of the top TRB whales with tokens worth over $1 million shows interesting patterns. For example, a fresh whale, “0x656,” holds 111.89,000 TRB ($6.06 million), a figure that has accumulated over the past three weeks. At an average purchase price of $28.1, the whale has an unrealized profit of over $2.92 million at spot prices. Another new whale, “0x8f8,” has accumulated 65.7K TRB ($3.6 million) over the past five days at an entry price of $34.5. With TRB rising slightly, the associated address has an unrealized profit of $1.33 million.

Additionally, on-chain data shows that these whales largely received their TRB from Binance and OKX. While prices have increased, on-chain trackers show that none of the aforementioned whales have taken their coins to exchanges. This indicates confidence and the expectation of further price increases in the future.

Tellor rally because of Chainlink?

TRB’s rally coincided with SWIFT’s announcement that it had completed its testing of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in late August. Then a SWIFT representative said the goal is to advance interoperability and ensure that tokenization achieves its full potential. Days after this news, TRB broke the June highs and consolidated its place above $13.

TRB Prize on September 27th| Source: TRBUSDT on Binance, TradingView

Currently, parallel data suggests that TRB’s rise appears to be driven by fear of missing out, especially among short-term traders and speculators. IntoTheBlock data from September 27 shows that short-term wallet holders have increased their TRB holdings above 72% of TRB holders are in the money.

Feature image from Canva, chart from TradingView

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