Turbo remains at all-time highs. The recovery began in mid-September and initiated an upward move that saw the AI ​​meme coin break through 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 almost 20% from this week’s highs.
Sale of the Turbo team: time to leave?
According to Lookonchain analystscorrection from all-time highs of $0.013 earlier this week may be mainly due to team dumping. The team has been sending tokens to Binance and OKX, leading to concerns about whether they will exit the project and dump tokens on holders.
Movement on centralized exchanges is often viewed as bearish, signaling a 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 downward, suggesting a possible augment in supply.
To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The dumping follows the systematic liquidation of the sophisticated over the past few months. As of June 5, Lookonchain analysts have observed that the team has 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 dissolution of the team coincided with this expansion.
Prices plummeted after tokens were posted to centralized exchanges in June, losing more than 65%. TURBO found support at $0.0029 before printing higher highs and finally breaking above the May 2024 highs in early October.
Is this a pump and dump scheme?
If past trends continue to guide the stock and the team actively sells, the likelihood of TURBO coming off its recent high will remain elevated. This decline could trigger a massive sell-off, pushing prices to $0.007 or worse.
Whether or not the team pumps and dumps remains merely speculation. However, if the team makes an announcement, it could alleviate concerns and possibly augment prices. There is currently no definitive evidence to support any allegations regarding possible pumping and dumping of waste.
Earlier this month, the US Department of Justice (DoJ) brought charges against GotBit, the developer of the meme coin marketplace, accusing it of, among other things, laundering and engaging in pump-and-dump schemes.
