Tellor tops social trend data amid 50% drop

2024-01-01 10:53:59

Tellor, a cryptocurrency that brings verifiable data to blockchain smart contracts, has seen a surge in social media buzz and trading volume over the past month.

According to data analytics firm Santiment, Tellor (TRB) now accounts for 0.15% of all cryptocurrency-related social media discussions. Sentiment analysis shows that 43% of the chatter exhibits positive sentiment, 33.5% negative, and the remainder neutral.

24-hour top social trending tokens. | Source: SantimentSantiment reports discourse centered on Tellor’s price fluctuations, transaction fees and growth potential. There has also been discussion around its price hitting take-profit targets on futures platforms.

The increased attention correlates with strong gains in Tellor’s market value. Over the past month, the price of TRB has risen very significantly. According to CoinMarketCap data, before losing more than half of its value over the last 24 hours, the coin has seen a significant growth of % this month from under 54$ reported on Dec. 7 to the local peak of $590 reported on Jan. 31.

Cilinix Crypto cautioned that some price action might be manipulated across several altcoin exchanges with thin liquidity in a recently covered video market analysis. However, they said further upside appears likely, with resistance around the $250 to $260 area. They added that a break above that threshold could spur a continued rally toward $300.

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