The Turbo (TURBO) token has lost almost 20% of its value after hitting an all-time high of $0.01318 on October 15. This initial impressive performance, seeing its price surge by nearly 80% over the past week, came after the world’s leading Binance exchange announced listing the meme cryptocurrency on its Spot Algo Orders platform.
However, this performance was short-lived. As of press time, the Turbo token is trading at $0.01111, marking a notable decline of 4.63% in the past 24 hours. As such, the TURBO price has lost about 15.43% from its all-time high.
Turbo (TURBO) Price Chart | CoinMarketCap
Turbo Team Accused of Selling Off Millions Worth of Tokens
This decline happened following accusations that the Turbo team transferred a staggering 810 million $TURBO tokens, valued at $9.53 million, to cryptocurrency exchanges Binance and OKX a few hours ago.
Read More: Turbo Crypto Prediction: Rally Gains Steam, Gets Overbought
Spot On Chain reported that previous transactions indicate this wallet frequently received $TURBO from the project developer and token vesting contract and then sold it on exchanges when the price was at its peak.
The $TURBO price dropped by 11% in the past 3 hours after a wallet linked to @TurboToadToken deposited 810M $TURBO ($9.97M) to Binance and OKX today!
Previous activity shows that this wallet often received $TURBO from the project developer and token vesting contract, unloading… pic.twitter.com/zDjJuR3a8v
— Spot On Chain (@spotonchain) October 16, 2024
However, there are still 3.7 billion $TURBO tokens worth $40.3 million left in this wallet associated with the team.
Lookonchain, another blockchain analytics platform, released similar findings. On October 16, they revealed that since June 5, the team had transferred 1.5 billion $TURBO tokens (worth $17.65 million) to different exchanges, and each time they sold, the price was negatively impacted.
The #Turbo team deposited 810M $TURBO($9.53M) to #Binance and #OKX again 2 hours ago.
Since Jun 5, they have deposited 1.5B $TURBO($17.65M) to exchanges, and the price plummeted each time they sold!
Did they pump the market and then sell?
Keep an eye on price fluctuations.… pic.twitter.com/zGcWTm6AsX
— Lookonchain (@lookonchain) October 16, 2024
TURBO is a meme coin entirely generated with the assistance of artificial intelligence ChatGPT and has recently become one of the largest memecoins by market capitalization. Currently, it is ranked as the 206th largest coin and the 16th largest memecoin, with a market cap of $734.65 million.
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Looking ahead, if the team continues to offload their $TURBO tokens at every opportunity, as claimed by prominent crypto analytics firms, the current bearish trend could persist.
Similarly, if negative sentiment spreads among investors and traders throughout the crypto market, the token’s value might continue declining in the days ahead. Notably, the team hasn’t officially responded to the allegations as of this writing.
