A significant amount of 10,486 Tellor (TRB) tokens, valued at about $1.38 million, was deposited by a crypto whale known as 0xeb1 on the Coinbase exchange. This action coincided with a surge in TRB's price, which has seen a 131% increase over the past week, according to data from onchain analytics firm, Spotonchain. 

Notably, the whale withdrew the same TRB tokens from Coinbase earlier between March 5 and May 1, 2024, at an average price of $76.59, costing around $803,000. With the price surge, the whale could potentially profit around $581,000, a significant 72.4% gain if the tokens are sold at their current value.

Moreover, four additional whales have collectively deposited 41,450 TRB tokens, valued at approximately $5.37 million, on Coinbase in the past two days at an average price of $129.45.

Potential Price Retracement

Data from Santiment revealed a sudden increase in whale activity and address transactions associated with TRB. This spike in activity likely contributed to doubling TRB's market capitalization from $143.32 million on April 30th to $318 million by May 8th.

While the exact reasons behind these whale moves are uncertain, the surge in TRB's price and increased whale interest on Coinbase suggest that significant investors may be gearing up to sell their holdings and secure profits. However, such sell-offs could trigger a market correction and potentially disrupt TRB's upward price trend.