The valuation of the Tellor token has surprisingly plummeted ahead of the 360 upgrade. The hype and build-up to the upgrade should have helped maintain its price; the opposite has been the case. Nonetheless, this does not mean that the 360 upgrade won’t be a plus to the growth of Tellor.
Comparing the recent price plummet to the valuation a few weeks ago. A few weeks ago, the asset’s market cap was impressive, valued at over $170 million. Currently, though, the narrative is different. Tellor now has a market cap of $36 million, five times less than its July valuation.
The dive in price has been blamed on false rumors surrounding the developer’s arrest. The CEO of Tellor, Brenda Loya, known as ‘JustBrendax’ on Twitter, has failed to comment on this. She did, however, mention that she could not control fake news.
Some token holders have not found the diving price funny and have lashed out to the creator on Twitter.
However, since the sudden change in value, the developer has come online to assure users that they are still in line for the 360 upgrade. She mentioned that the team is as dedicated as ever, and their goal to build a protocol so well designed and decentralized has not diminished. The upgrade is termed the next level, and the developers will ensure they tick all boxes before deployment.
The upgrade promises thrilling features that will make Tellor better. The 360 upgrade will eliminate upgradeability, making Tellor an immutable protocol on Ethereum. Also, instead of being based on a fixed amount of Tellor (TRB) tokens, the stake quota to become a reporter will be set at a US dollar price. Payouts for addresses staked out as reporters will total 2% of all bonuses.
Despite the current valuation, Tellor (TRB) token holders remain firm with the project. The features and future adoption of the 360 upgrade are a reason.
