DailySun
TURBO surged over 30%, reaching a new all-time high of $0.0143 on December 12, following its recent listing on Coinbase, the largest cryptocurrency exchange in the United States.
Turbo (TURBO), the meme coin themed around toads and built on Ethereum, rose by 16.1% in the past day as of this writing, trading at $0.01283. Its market capitalization was reported at $893 million, just $107 million away from hitting the coveted $1 billion mark.
The altcoin’s impressive rally occurred in an environment of high trading volume. Data from crypto.news shows that TURBO’s daily trading volume spiked by 62.9%, surpassing $956 million.
TURBO experienced a notable increase following its listing on Coinbase, a top-tier cryptocurrency exchange that boasts a daily trading volume exceeding $9.1 billion, according to CoinGecko’s data.
Shortly after, the meme coin was also listed on Coinbase Advanced, the platform created for seasoned traders. This renewed interest among traders quickly pushed the meme coin to trending status on Google.
Turbo’s recent surge was further boosted by its listings on several other popular exchanges, including X-change and Biconomy. The altcoin’s price momentum was also supported by a broader upward trend in the meme coin market, which experienced an increase of 8.7% in the past day, now valued at $138.5 billion at the time of writing.
According to data from Coinglass, the Open Interest in TURBO futures across exchange platforms rose from $56.93 million on Wednesday to $104.97 million on Thursday. This steady increase has been ongoing since late November and suggests new capital is entering the market and engaging in buying activity, potentially indicating a forthcoming rally in TURBO’s price.
However, despite Turbo’s recent successes, the meme coin is facing potential risks that could impact its upward trajectory. Data from IntoTheBlock reveals that whale investors have started selling the asset, as evidenced by a shift in whale holder netflow from an inflow of $403,000 on December 9 to an outflow exceeding $6.1 million on December 11.
Whale sell-offs can often signal periods of panic or profit-taking, which frequently result in price declines. As noted in a previous report by crypto.news, significant sell-offs by large investors caused AAVE, the native token of the crypto lending platform Aave Protocol, to drop by 14% over five consecutive days after reaching a local high at the end of October.
