I use X platform for posting my HIVE contents and sometimes i do check whats trending out there. Today I saw that Tellor $TRB is trending on X so i clicked on it to check why it is trending.
Upon surfing few posts i came to know that $TRB had a massive pull back. Its price dumped from $600 to 130 within few hours. It is more than 80% dump which is massive. You can get a better idea by looking through the chart below taken from coingecko website.
In the last four months, hype for Tellor $TRB was crazy as its price went from $8 to $600 printing huge profits for its holders.
Tellor is a blockchain-based decentralized oracle platform which connects smart contracts on Ethereum network to external data. $TRB got recognized in early 2019 .
According to data from Lookonchain it has come to know that Tellor team moved $2.4 million in TRB when the price reached as high as $600. This has raised questions on Tellor team for manipulating the market.
After the $TRB dump the holders cried hard blaming the Tellor team and calling $TRB as Scam. On the other hand some users were seen celebrating this dump as they made huge profit by shorting $TRB after it reached $600. While some of the holders were crying for not selling their $TRB bags at the top.
According to the data from Lookonchain this crash of $TRB has liquidated $68 million of assets which is more than liquidations of BTC and Ethereum in the last 24 hours.
This is not the first example of dump in crypto as we have seen many in the past. If you are here from 2022 then you know about the Luna crash which was more worse than current dump of TRB. Billions of dollars were wiped out from crypto.
No one believed that Luna can dump, similarly no one was expecting TRB pullback and crash to this level. But that happened.
I have not lost anything in Luna and TRB because i never hold any of these two but i am sorry for those who lost money into these scams. We need to learn from these incidents.
Offcourse i had lost a significant money into other scam projects but i have also learned my lesson and now i am very careful.
Manipulation and crash is not a new thing in crypto. All you need is to be careful and try to take profit along the way. Even i have written a post on this that why you should take profit along the way.
Here we need to take care of few things before investing in crypto. First of all we have to understand that crypto investment is highly risky. Second we should never put all our eggs in one basket which means do not invest everything into one coin. Spread your assets across multiple projects as this will reduce your chances of losing all your money. In the end keep in mind that Invest only what you can afford to lose.
Thats it for today. Thanks
for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.