The spot price of Tellor (TRB) experienced a significant increase today, jumping from approximately $51 to $79 in five minutes. That's a 58% increase in just five minutes. At the same time, the futures price also increased significantly, reaching $81.
However, this sudden rise was short-lived and the price fell rapidly, returning to its range, which was still higher than the previous level. During this volatile period, short positions worth $3.11 million were liquidated. The majority of these positions were concentrated on cryptocurrency exchanges OKX ($1.71 million) and Huobi ($1.19 million).
Tellor has been under the spotlight recently as its funding rate frequently dips into negative territory. The token was known for its large-scale short positions opened due to frequent pump waves. Despite these negativities, the price of TRB increased by more than 300% last year.
Even today alone, TRB price has recorded a 30% increase in the last 24 hours. Additionally, TRB volume increased by a staggering 682% during the same period.
In terms of futures transactions, it was seen that a short position of $ 4.62 million and a long position of $ 816 thousand were liquidated in TRB in the last 24 hours.
Market maker company DWF Labs founder Andrei Grachev, in his frequent statements on X, implied that this token was pumping despite the negative funding rates, without mentioning TRB by name.
*This is not investment advice.