Turbo is currently experiencing a surge, nearing its all-time highs. This upward trend began in mid-September and led the AI meme coin to surpass local resistance levels, which are now providing support and driving its valuation to unprecedented levels. As of now, TURBO is trading at $0.010, but it has seen a decrease of nearly 20% from its highs earlier this week.
Concerns Over Turbo Team Sales: Is It Time to Sell?
According to analysts at Lookonchain, the recent pullback from the all-time high of $0.013 earlier this week may largely be attributed to the team selling their holdings. Tokens have been transferred to Binance and OKX, raising alarms about the team’s potential exit from the project and the risk of them offloading on investors.
Transfers to centralized exchanges are frequently interpreted as bearish, indicating the seller’s intent to liquidate. Whether the team has indeed sold remains unclear at this stage. However, after the warning was issued on October 16, the token price declined, hinting at a possible increase in supply.
To provide some context, the team transferred 810 million TURBO to Binance and OKX. This latest sell-off follows a trend of ongoing liquidation over recent months. Since June 5, Lookonchain analysts have tracked a total of 1.5 billion TURBO deposited across various exchanges by the team.
The daily chart for Turbo indicates that prices peaked at $0.009 in late May. The team’s liquidation activity appears to have coincided with this rise.
After the tokens were sent to centralized exchanges in June, prices plummeted by more than 65%. TURBO found support at $0.0029 before rising to new highs and eventually breaking above the May 2024 highs in early October.
Could This Be a Pump-and-Dump Scheme?
If historical patterns are any indication and the team continues to sell, the likelihood of TURBO descending from its recent peak is high. This potential decline could lead to a significant sell-off, driving prices down to $0.007 or lower.
The question of whether the team is engaged in a “pump and dump” scheme remains speculative. However, a public statement from the team could alleviate concerns and potentially support the price. For the moment, there is no conclusive evidence to substantiate claims of a pump-and-dump operation.
Earlier this month, the United States Department of Justice (DoJ) charged GotBit, a market maker for meme coins, accusing them of various offenses, including wash trading and involvement in pump-and-dump schemes.
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