Turbo is trending at around all-time highs. The upswing started in mid-September and initiated a move up that saw the AI meme coin break above local resistances, which is now supported and propelling valuation to record highs. At press time, TURBO is changing hands at $0.010 but is down nearly 20% from this week’s highs.
Turbo Team Selling: Time To Exit?
According to Lookonchain analysts, the retracement from all-time highs at $0.013 early this week could be primarily due to the team dumping. The team has been sending tokens to Binance and OKX, leading to concerns about whether they are exiting the project and dumping on holders.
Movements to centralized exchanges are often seen as bearish, signaling the holder’s intention to liquidate. Whether they sold or not remains to be seen at this point. However, after the signal was flagged on October 16, the token trended lower, suggesting a possible supply spike.
To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The dump follows the team’s steady liquidation over the past few months. Since June 5, Lookonchain analysts observed that the team had deposited 1.5 billion TURBO to multiple exchanges.
The Turbo daily chart shows that prices rose to $0.009 in late May. The liquidation by the team coincided with this expansion.
Prices dropped sharply after sending tokens to centralized exchanges in June, losing over 65%. TURBO found support at $0.0029 before printing higher highs and eventually erupting above May 2024 highs in early October.
Is This A Pump-And-Dump Scheme?
If past trends guide and the team actively sells, the probability of TURBO sliding from its recent swing high remains elevated. This contraction may trigger a massive sell-off, pushing prices to $0.007—or worse.
Whether the team is “pumping and dumping” remains only a speculation. However, if the team makes a statement, it could assuage fears and possibly prop up prices. For now, no definitive evidence supports any allegations of a possible pump-and-dump.
Earlier this month, the United States Department of Justice (DoJ) leveled charges against GotBit, a meme coin market maker, accusing them of, among others, wash trading and involvement in pump-and-dump schemes.
Feature image from iStock, chart from TradingView
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