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Tellor (TRB) price spikes 15% amid fresh whale activity

  • Tellor (TRB) price rose to highs of $119 on Monday as bulls looked to close in the green for the first time in four days.
  • TRB price could see a bullishish continuation as whales buy more tokens.
  • Tellor price is just 26% from its all-time-high of $164 reached in May 2021.

Tellor (TRB) price pumped early Monday as the market looked to continue the positive momentum that has catalysed recent gains for many altcoins.

According to market data from CoinGecko, TRB price was $117 at the time of writing, up 15% in the past 24 hours. The price surge comes as a bullish break from lows of $96 saw TRB soar past $110.

What is Tellor?

Tellor is a decentralised oracle network with smart contracts on Ethereum.  The protocol’s oracle feeds provide for a permissionless infrastructure for bringing valuable off-chain data to smart contracts. Data providers compete for incentives in TRB, while the platform overall benefits the decentralised finance (DeFi) ecosystem.

Tellor recently deployed on the Manta Pacific mainnet, adding its launch on the network to other EVM- compatible chains including Ethereum and Arbitrum. The oracle feed is also integrated with the Filecoin Virtual Machine.

Why is the Tellor (TRB) price rising today?

As can be seen in the chart below, TRB came close to hitting the $120 price level. This is the same price level that marked the point of last week’s rejection and the start of a four-day decline for the altcoin. Bulls are looking to decisively break the four-day red candle streak.

Tellor price chart. Source: TradingView

On-chain data sleuth Lookonchain has highlighted that TRB’s price gains today come amid new accumulation by whales. After buoying the uptick from lows of $41 earlier this month, whales are at it again. More than 27,400 TRB worth over $3.18 million have been moved from crypto exchange Binance in the last few hours, Lookonchain posted on X.

“Whales accumulate $TRB again! 2 whales have withdrawn 27,405 $TRB ($3.18M) from #Binance in the past 5 hours. And the price of $TRB increased 15% today,” the account noted as Tellor pumped.

The trend was also observable last week as TRB price skyrocketed 28% and 31% on October 23 and October 25. 

With whales showing continued confidence in the token, its likely TRB/USD could surge past its immediate resistance zone. The next supply wall may be at the all-time-high zone above $160. 

TRB price reached its ATH of $164 in May 2021, which means bulls are roughly 26% off the peak at current levels.

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FLR token rising as Flare launches public staking

  • FLR token gains 18.88% in a week, currently valued at $0.01077.
  • Flare introduces public staking service, allowing FLR holders to participate in the ecosystem.
  • Flare Network transition to proof-of-stake model.

FLR, the native token of the Flare network, is making waves following the recent launch of a public staking service.

FLR has seen a surge in both interest and value. Here’s a closer look at how this development has impacted the FLR token.

FLR token price on the move

Over the past seven days, FLR token has demonstrated impressive performance, with an 18.88% increase in its price. Currently valued at $0.01077, this token is gaining traction in the market, capturing the attention of investors and enthusiasts alike.

Flare price chart

 

Flare’s public staking service

Flare, an EVM-based layer 1 blockchain giving developers decentralized access to high-integrity data from other chains and the internet, has taken a significant step towards enhancing its ecosystem. The Flare team on October 29 unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model.

This dedicated staking platform allows FLR holders to delegate their tokens to validators, contributing to the ecosystem’s growth.

While initially, users could only stake FLR with Avalanche application set on Ledger hardware wallets, the development team has promised to introduce more staking options in the future.

The minimum staking threshold stands at 50,000 FLR, equivalent to approximately $500 at current rates, with a lockup period of 14 days.

Flare embracing PoS model

Flare made a decision to embrace a proof-of-stake model in July 2023 aiming at creating a more cost-effective and environmentally friendly solution.

To set up a complete infrastructure within the Flare network, interested parties are required to hold a minimum of 1 million FLR tokens (equivalent to around $10,000) and maintain an uptime of at least 80% to participate in the validator reward pool.

These innovations, including the Flare Time Series Oracle (FTSO) and State Connector, demonstrate Flare’s commitment to enhancing the utility of blockchain technology. By providing reliable access to data from various sources, FLR and the Flare network are poised to offer developers new opportunities and a more versatile environment for decentralized applications, ultimately benefiting a wider user base.

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