Turbo is on the rise. The rally began in mid-September and began an upward move that saw the AI meme coin break above local resistances, which is now supported and driving the 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 sale: time to leave?
According to Lookonchain analyststhe pullback from all-time highs of $0.013 earlier this week could be mainly due to team dumping. The team has been sending tokens to Binance and OKX, raising concerns about whether they are exiting the project and dumping them on holders.
Moves to centralized exchanges are often seen as bearish, signaling the holder’s intention to liquidate. Whether they sold it or not remains to be seen at this point. However, after the signal was signaled on October 16, the token trended downward, suggesting a possible increase in supply.
To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The eviction follows the team’s steady liquidation in recent months. As of June 5, Lookonchain analysts noted that the team had deposited 1.5 billion TURBO across multiple exchanges.
Turbo’s daily chart shows that prices rose to $0.009 at the end of May. The team’s liquidation coincided with this expansion.
Prices fell sharply after tokens were sent to centralized exchanges in June, losing over 65%. TURBO found support at $0.0029 before printing higher highs and eventually breaking out above the May 2024 highs in early October.
Is this a pump and dump scheme?
If past trends guide and the team actively sells, the likelihood of TURBO slipping from its recent swing high remains high. This contraction could trigger a massive sell-off, pushing prices to $0.007 – or worse.
Whether the team is “pump and dump” remains just speculation. However, if the team makes a statement, it could address fears and possibly support prices. For now, no definitive evidence supports any claims of a possible pump and dump.
Earlier this month, the United States Department of Justice (DoJ) filed charges against GotBita meme coin market maker, accusing them of, among others, business laundering and involvement in pump and dump schemes.