Turbo is trending at an all-time high. The rebound started in mid-September and sparked a surge that pushed the AI meme coin above local resistances, which are now supported and pushing its valuation to record highs. At the time of writing, TURBO is changing hands at $0.010 but is down almost 20% from this week’s highs.
Selling Turbo Team: time to close?
According to Lookonchain analyststhe retracement of the all-time highs of $0.013 early this week could be mainly due to the team dumping. The team has sent tokens to Binance and OKX, raising concerns about whether they are abandoning the project and dumping them on holders.
Moves towards centralized exchanges are often seen as bearish, indicating the holder’s intention to liquidate. Whether they are sold or not remains to be seen at this point. However, after the signal was marked on October 16, the token trended lower, indicating a possible supply spike.
To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The dump follows the steady liquidation of the team in recent months. Since June 5, Lookonchain analysts noted that the team had deposited 1.5 billion TURBO on multiple exchanges.
The Turbo 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 sending tokens to centralized exchanges in June, losing more than 65%. TURBO found support at $0.0029 before pushing higher highs and finally breaking above the May 2024 highs in early October.
Is this a pump and dump scheme?
If past trends lead and the team is actively selling, there remains a good chance that TURBO will slide off its recent swing high. This contraction could trigger a massive sell-off, sending prices to $0.007 or worse.
Whether the team “pumps and dumps” remains just speculation. However, if the team makes a statement, it could allay fears and potentially drive up prices. For now, no definitive evidence supports any accusation of a possible pump-and-dump.
Earlier this month, the US Department of Justice (DoJ) filed charges against meme coin maker GotBit, accusing them of wash trafficking and involvement in pump-and-dump schemes, among other things.
