Ethereum-Based Chainlink Rival Tellor (TRB) Attracts Crypto Whales: Why?

Ethereum-Based Chainlink Rival Tellor (TRB) Attracts Crypto Whales: Why?

Key Insights

  • Tellor (TRB), a relatively new Ethereum-based oracle network, has rallied by almost 1000% in less than two months, outperforming most other altcoins.
  • Tellor's network activity is skyrocketing as well, indicating that its growth is free from manipulation.
  • Whales are starting to notice Tellor and have been buying massively for more than a week now.
  • Tellor has the potential to become a major player in the Oracle market, as it offers several advantages over its competitors.

Most Defi protocols are incomplete without Oracles.

Oracles simply take information from the outside world and pass it into blockchains, so Defi protocols like Pancake swap, curve and a host of others have access to information like the current price of cryptos, what NFTs are in trend, etc.

As it turns out, the most popular blockchain oracle at the moment is Chainlink.

However, there is a relatively newer service that appears to be giving Chainlink (and $LINK) one hell of a fight.

According to recent reports, $TRB (from the Tellor network), $LINK's biggest rival

Tellor has rallied by almost 1000% in less than two months.

Let's go over the details.

Tellor ($TRB) Enters The Spotlight

Tellor, as we mentioned earlier is an Oracle network that provides secure and reliable data feeds for smart contracts.

According to reports, TRB has seen a massive surge in price over the past few months.

What's more, its network activity is skyrocketing as well, indicating that the cryptocurrency's growth is completely free from manipulation.

Reports also mention that the whales are starting to notice this cryptocurrency, and have been buying massively for more than a week now.

TRB Price Skyrockets by Over 800% in Two Months

According to a recent tweet from Santiment, TRB has experienced a staggering increase of more than 832% in price since July this year.

Tellor's price skyrockets
Tellor's price skyrockets

Santiment also says that alongside its price, Tellor's network activity has been growing steadily.

Tellor's impressive performance
Tellor's impressive performance

According to the on-chain data platform, metrics like the unique active addresses and newly created addresses have also exploded towards the upside, showing that more users are joining the Tellor network and using its services.

"Tellor's price has now jumped ~+750% since July, and whales are showing more interest than ever before while new addresses continue to pour in"

According to CoinMarketCap, this rally puts Tellor at about #105th in terms of market cap (and rising), as it leads the altcoin charge.

Tellor Outperforms Other Altcoins Amid Bitcoin Breakout

CoinMarketCap data shows that the cryptocurrency is trading at $87.90 at the time of writing, up from around $9.83 two months ago.

TRB's price | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>CoinMarketCap</u></a>
TRB's price | Source: CoinMarketCap

Data from TradingView shows that while TRB's price increase from $9.83  to about $119 (now $87) is impressive, it is still a long way from its all-time high of $161.12, which it reached in May 2021.

Tellor's price increases
Tellor's price increases

Tellor is not the only altcoin that has been performing well in October, as Bitcoin broke above $30,000 for the third time this year.

According to Santiment, some other altcoins have also shown their "best-performing de-couplings" of the year, and have gained more than Bitcoin in terms of percentage.

Some of these altcoins include Chainlink (LINK) itself, Polygon (MATIC), Aptos (APT), and Aave (AAVE).

And as it stands, LINK is currently ranked 14th by market cap and is trading at $10.31. MATIC is ranked 13th and is worth $0.625. APT is ranked 35th and is changing hands at $6.23. AAVE is ranked 41st and is trading for $83.31.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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