In the cryptocurrency market, Turbo has recently experienced a significant rise. The meme coin has surged over 120 percent in just one week. The price jumped from an initial low of $0.0061 to a peak of $0.01343 yesterday. However, as of now, Turbo is trading at $0.01104. This represents a significant drop of 7.64 percent in the last 24 hours. In the background, the meme coin team sold tokens on Binance and OKX.
Is the team behind the drop in meme coin price?
As you have been following on Kriptokoin.com, the market remembered that it was in Uptober with its performance this week. In the process, some tokens beyond Bitcoin saw sharp rises. In particular, some meme coin projects managed to double their prices. One of them was Turbo (TURBO). However, once the price of the token reached its peak, the sell-off began. A major factor in this recent drop is the selling by the Turbo team and other traders. On-chain analytics platform Lookonchain reported that the Turbo team recently deposited 810 million TURBO tokens worth $9.53 million on cryptocurrency exchanges Binance and OKX.
Since June 5, they have deposited a total of 1.5 billion TURBOs (worth $17.65 million) on various exchanges. Also, every time they sold, the price took a hit. This begs the question: Did they pump the market just to sell their holdings later?
Meme coin price falls hard from peak, concerns remain!
Spotonchain also reported that the wallet linked to the team currently holds about 3.7 billion TURBO tokens worth about $40.3 million. The recent sell-off has already started to affect the price. The meme coin price has fallen about 20% from its peak. This has led many investors to wonder whether TURBO can bounce back from this decline.
The impact of this latest sale can already be seen with the price falling sharply. Historical trends suggest that this bearish pattern could continue, especially given the team’s previous sell-offs. However, surprises are always possible in the cryptocurrency and meme coin world. With the market sending mixed signals, it will be important to watch how TURBO performs in the coming days.
Greed dominates the cryptocurrency market!
The situation in the cryptocurrency market in recent days is more like a rollercoaster. Nevertheless, what its participants are experiencing is bordering on adrenaline, but not much like fear. According to the index, it is now possible to assess the greed in the market with an index of 73. For comparison, three days ago, on October 11, the index value was equal to 32. This indicated almost extreme fear. Three days later, the value is more than 128% higher and is already approaching levels that indicate extreme greed.
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