AI Meme Coin Turbo Slide Sparks Pump-and-Dump Speculation Amid Rising Trade Volumes

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Turbo, an AI meme coin, is currently trending at near all-time highs, thanks to an upswing that began in mid-September. This upward momentum has allowed the token to break above local resistances, propelling its valuation to record levels. As of now, TURBO is trading at $0.010, though it has dipped nearly 20% from its peaks earlier this week.

According to analysts at Lookonchain, the drop from this week’s high of $0.013 can be attributed to the Turbo team offloading tokens. The team has reportedly been transferring tokens to major exchanges like Binance and OKX, fueling concerns about whether they are planning an exit strategy, thereby dumping TURBO on its holders.


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Movements to centralized exchanges are often interpreted as bearish signals, suggesting the holders’ intent to liquidate their assets. Although it remains uncertain whether the tokens have been sold, the flagged activity on October 16 indicated a downward trend for the token, pointing to a possible increase in supply.

To give a clearer picture, the team transferred 810 million TURBO to Binance and OKX. This recent activity follows a consistent pattern of liquidation by the team over several months. Lookonchain analysts observed that since June 5, the team has deposited 1.5 billion TURBO across multiple exchanges.

The daily chart of TURBO shows that prices initially rose to $0.009 in late May, corresponding with the team’s liquidation activities. However, after transferring tokens to exchanges in June, TURBO’s price plummeted by over 65%, finding support at $0.0029. It subsequently climbed, surpassing May’s highs in early October.

Speculation about a possible pump-and-dump scheme has arisen, given the team’s selling behavior. If this pattern continues, TURBO could slide further from its recent high, potentially triggering a massive sell-off and pushing prices to $0.007 or lower.

Whether this is indeed a pump-and-dump scheme remains speculative. A statement from the team could potentially assuage investor fears and stabilize prices. However, there is currently no conclusive evidence to support such allegations.

Earlier this month, the United States Department of Justice charged GotBit, a meme coin market maker, with wash trading and involvement in pump-and-dump schemes, adding a layer of apprehension to the ongoing situation with TURBO.