Turbo Team Selling: Time To Exit?

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

Meme coin Turbo (TURBO) has seen a massive upswing in the past few weeks, rising from all-time lows at $0.002 in May to reach record highs above $0.01 in mid-October. The rally saw the token gain over 500%, outperforming the rest of the market.

However, a recent bearish signal could put a damper on the rally and see TURBO prices retrace. Here’s a closer look at what’s happening on-chain.

Key Points

Turbo (TURBO) prices have seen a massive rally in recent weeks.

On-chain analysis shows that the team has been dumping tokens.

This could be a bearish sign, signaling the team’s intention to exit the project.

According to on-chain analytics firm Lookonchain, a massive token movement from the Turbo team was observed on October 16. The analysis platform flagged the signal, showing that the team had sent 810 million TURBO to leading cryptocurrency exchanges Binance and OKX.

The move signaled a bearish trend, as movements of this nature are usually indicative of the holder’s intention to sell their tokens. Whether the team sold the tokens upon arrival at the centralized exchange remains unclear. However, on-chain analysis suggests that the token trended lower after this signal.

Putting the Numbers In Perspective

To provide some context, on-chain analysis showed that the team began dumping tokens slowly, starting in June. According to Lookonchain, the team began sending large sums of TURBO to multiple exchanges on June 5.

In total, the analysis firm observed that the team had sent 1.5 billion TURBO to several exchanges over the past few months. The massive sell-off began as prices rallied from lows of $0.002 in May, reaching highs of $0.009 before the team began selling their tokens.

A quick glance at the Turbo daily chart shows that prices began expanding in May, reaching lows of $0.002 before rallying to highs of $0.009 towards the end of the month. The team began selling their tokens as prices rallied to these levels, before dropping sharply after sending tokens to centralized exchanges in June.

Prices dropped as low as $0.0029 before buyers stepped in, creating a double-bottom at this support level. From lows of $0.0029 in June, TURBO prices rallied once again, printing higher highs and eventually breaking above May 2024 highs in early October.

Could Past Trends Guide Us?

If past trends are anything to go by, and the team is actively selling, the probability of TURBO sliding from its recent swing high remains elevated. This contraction could trigger a massive sell-off, pushing prices to $0.007—or worse.

It’s important to note that these are merely speculations, and whether the team is involved in a “pump-and-dump” scheme remains only an allegation. If the team has anything to say, a statement 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.