Tripled in a week, the familiar monster coin TRB is back

After a month of slump, the market rebounded this week. Bitcoin, Sol tokens, and AI concept coins all saw good gains. In general, the certainty of this recovery is relatively strong. After a week, it has brought hope to the community that has been in the dark for a long time.

Today, the market saw a slight correction. According to Coingecko, among the top 100 crypto tokens by market value, most of the tokens are falling, and the popular tokens have fallen by 2%-10%. In the slightly boring market, some special currencies have emerged.

Two "well-known" tokens rose against the trend today, one is the bankrupt coin FTT, and the other is the demon coin TRB. The reason for FTT's rise may be related to the creditor compensation plan submitted by FTX, while TRB is more intriguing.

TRB is the token of the decentralized oracle Tellor project, which was born in 2019. In the past week, TRB has risen rapidly from $45, and the increase today is even more eye-catching. As of 2 hours before writing, it has risen by 20%, and has now exceeded $140. After a three-fold increase in a week, TRB's position is still nearly 4 times the previous high of over $600, and there should be many trading players who are interested.

Left: TRB/UDST 1 hour line, ranging from April 21 to present

Right: TRB/UDST daily line, ranging from September 23 to present

If you are also ready to make a move, you might as well review the "demon coin" history of TRB before opening an order.

From 2022 to September 2023, the price of TRB has not exceeded US$50. Most of the time it was around US$10. Starting in September 2023, TRB rushed to US$40 in less than a month. In November, TRB broke through US$100, close to its previous historical high.

The New Year's Eve of December 30, 2023, became the "contract withdrawal moment" for many traders. That night, after a steady rise to $300, TRB began to plummet by more than 25% at 8 pm, and fell to around $200 within 2 hours. At this time, TRB was still at a high level in its past trend. Its downward trend triggered more short-selling operations, but TRB began to rise sharply soon, quickly hitting a new high, and rose all the way to $629, a six-hour increase of 165%.

Without warning, TRB began to plummet at 6 a.m. on January 1, falling nearly 70% in one hour. With both long and short positions exploding, TRB’s position was liquidated at $55.48 million that day, more than twice the amount of ETH’s position liquidated at the same time ($19.49 million).

On that day, in addition to the heavy losses suffered by contract players, decentralized trading platforms were also affected. @kain.eth, the founder of the decentralized synthetic asset issuance protocol Synthetix (SNX), said on the X platform that the abnormal volatility of TRB caused SNX pledgers to lose about $2 million. In addition, due to the excessive volatility of tokens, there was a price difference of nearly 40% between centralized trading platforms.

The reason why TRB can get out of the "roller coaster" route is related to its too small circulation of tokens. The circulation of TRB is less than 260,000. According to community analysis, most of TRB's chips are concentrated in the hands of a few dealers. In the "bloodbath" that night, the dealer only needed to invest 40 million US dollars to raise TRB from 280 US dollars by 80%, easily controlling the power of drawing lines.

Back to this rise, a week ago, when TRB started to rise from 45 US dollars to 60 US dollars, many community advices appeared: "TRB has started to make trouble again, everyone must not be fooled, even if you want to play, you must set a stop loss, don't fight the dog dealer", but when TRB broke through 100 US dollars, 120 US dollars and even 130 US dollars, there were more contracts about TRB.

In fact, one month before the "bullish-bearish bloodbath" at the beginning of the year, TRB had experienced two single-day fluctuations of nearly 50%. But these fluctuations did not hinder the enthusiasm of traders. After a four-month break, TRB made a comeback. From the Coinglass data, it can be seen that the volume of TRB contract liquidations has increased significantly since May 1. After having "experience", can arbitrageurs get out of this unscathed?

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