Turbo Team Selling After The AI Meme Coin Flies To New All-Time High: Time To Exit?
2024年10月18日 - 2:00AM
NEWSBTC
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.
Related Reading: Ethereum Whales Are Quietly Accumulating—Is A
Major Price Breakout Coming? 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. Related Reading: Bitcoin Coinbase Premium Is
Negative Despite $68,000 Rally: What It Means 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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