As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself intrigued by the recent surge of TURBO, the toad-themed meme coin on Ethereum. Having been through several bull and bear markets, I’ve learned that listing on tier-1 exchanges like Coinbase can significantly boost a token’s value. The renewed interest from traders, as evidenced by its trending status on Google, is a clear testament to this fact.
On December 12, TURBO experienced a surge of more than 30% and reached a record peak of $0.0143, after being listed on Coinbase, the leading cryptocurrency exchange in the United States.
At the present moment, Turbo (TURBO), a meme coin with a toad theme on Ethereum, experienced an increase of 16.1% over the past day and was trading at approximately $0.01283. Its market capitalization currently stands at around $893 million, only $107 million away from reaching the significant milestone of $1 billion.
The surge in the value of the altcoin occurred in a bustling trading environment, as reported by crypto.news. It was revealed that TURBO’s daily trading volume significantly increased by approximately 62.9%, reaching over $956 million.
On the day it was listed on the high-tier cryptocurrency exchange, Coinbase – which trades over $9.1 billion in digital assets daily, as per CoinGecko data – TURBO experienced a notable surge in value.
Later on, the meme coin found its way onto Coinbase Pro, a trading platform suitable for seasoned investors. This rekindled trader interest which eventually made the meme coin popular on Google search trends.
Turbo’s recent surge in value can be attributed to its listing on platforms like X-change and Biconomy, as well as its popularity among meme coins. Additionally, the altcoin’s price has been rising due to a general upward trend among meme coins, with the total market cap of meme coins increasing by 8.7% over the past day, reaching $138.5 billion at the time of writing.
Based on Coinglass’s statistics, the total value of open TURBO futures contracts across all platforms surged from $56.93 million on Wednesday to $104.97 million on Thursday. This upward trend has been ongoing since late November, suggesting an influx of fresh funds and new purchases in the market. Such a rise in open interest could signal an impending price increase for TURBO.
As a crypto investor, I’ve noticed some impressive gains with Turbo lately, but I can’t help but be cautious given the potential threats that could dampen its ongoing surge. Data from IntoTheBlock suggests a cause for concern: whales have begun to offload the asset. This is evident in the whale holder netflow, which shifted dramatically from an inflow of $403,000 on Dec. 9 to an outflow of over $6.1 million just two days later on Dec. 11.
Selling sprees among whales (large investors) in the cryptocurrency market are commonly signs of fear or cashing out, which can frequently result in price decreases. As we’ve previously shared on crypto.news, these significant investor sell-offs caused AAVE, the native token of Aave Protocol, to drop by 14% over a five-day period following its local peak at the end of October.
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2024-12-12 14:02