On December 12, TURBO surged more than 30%, reaching an all-time peak of $0.0143 following its recent debut on Coinbase, the largest cryptocurrency exchange in the United States.
Turbo (TURBO), the toad-themed meme coin based on Ethereum, saw an increase of 16.1% within the last day, trading at $0.01283. The market capitalization stood at $893 million, just $107 million away from the coveted $1 billion mark.
This altcoin’s upswing occurred amid high trading volumes. Data from crypto.news indicates that TURBO’s daily trading volume surged by 62.9%, surpassing $956 million.
TURBO experienced a notable rise following its listing on Coinbase, a leading cryptocurrency exchange with a daily trading volume exceeding $9.1 billion, as per CoinGecko’s data.
Shortly afterward, the meme coin was also listed on Coinbase Advanced, the platform tailored for seasoned traders. This renewed attention from traders led to the meme coin trending on Google.
The recent surge in Turbo’s value was further supported by its listings on other prominent exchanges such as X-change and Biconomy. The price of the altcoin also gained traction amidst a larger rally among meme coins, with the collective meme coin market appreciating by 8.7% over the past day, reaching $138.5 billion at the time of writing.
According to data from Coinglass, the Open Interest in TURBO futures across exchanges rose from $56.93 million on Wednesday to $104.97 million on Thursday, marking a continuous uptrend since late November. An increasing Open Interest signals fresh capital entering the market and new buying interest, indicating a possible price rally for TURBO.
Despite Turbo’s recent success, the meme coin faces potential risks that could impede its ongoing rally. IntoTheBlock data reveals a change in whale behavior, where significant holders have started liquidating their assets, as seen by the whale holder netflow shifting from an inflow of $403,000 on December 9 to an outflow exceeding $6.1 million on December 11.
Whale sell-offs often signal bouts of panic or profit-taking, which can frequently result in price declines. As previously reported by crypto.news, large sell-offs led AAVE, the token for the Aave Protocol, to drop by 14% over five consecutive days after peaking at the end of October.
