Tellor (TRB) Market Cap Increases Over 70%

In May, Tellor Network (TRB), a decentralized oracle network, far exceeded expectations. Its market value almost doubled earlier this month. As of April 30, TRB's market capitalization was $143.32 million. As of the morning of May 7, during the opening hours of Asian markets, this figure stood at $247.81 million.

This significant growth is consistent with a notable increase in crypto whale activity. Additionally, this indicates that a wave of profit-taking could affect market dynamics.

Unpacking TRB Tellor's Market Cap Increase

Data from blockchain analytics platform Santiment revealed a sharp increase in crypto-whale transactions and active addresses involving TRB. Specifically, on May 6, there were 212 daily active addresses and whale transactions exceeded $100,000, for a total of 16.

This is in stark contrast to May 1, which saw only 131 active addresses and no significant crypto whale transactions. However, this activity indicates growing investor interest and profit potential for TRB.

Learn more: 3 altcoins expected to surpass Bitcoin (BTC) in May

Despite this, cryptocurrency analysts remain optimistic about TRB’s price trajectory. Highlighting Taylor's strength in the market, analyst Javon Marks expects the uptrend to continue.

Marks said: “TRB (Tellor) is now starting to show significant strength after maintaining an uptrend and may yet be gearing up for a huge return (above) 315% to (above) $261. »

Then repeat His positive attitude, emphasizing the response TRB rates For the latest styles. This optimistic analysis is supported by the technical patterns observed. The formation of higher lows in the price action, coupled with lower lows on the momentum oscillator, indicates a bullish continuation for TRB.

Learn more: Tellor Tributes (TRB) Price Forecast for 2024, 2025, 2026, 2027

As of the last update, Tellor is trading at $95.78, recording an increase of 4.7% in the last 24 hours. However, over the past seven days, the cumulative price increase has exceeded 70%, reflecting a strong upward trend that may continue as market experts predict.