Turbo Team Selling: Time To Exit?

According to Lookonchain analysts, the retracement from all-time highs at $0.013 early this week could be primarily due to the team dumping. The team has been sending tokens to Binance and OKX, leading to concerns about whether they are exiting the project and dumping on holders.

Movements to centralized exchanges are often seen as bearish, signaling the holder’s intention to liquidate. Whether they sold or not remains to be seen at this point. However, after the signal was flagged on October 16, the token trended lower, suggesting a possible supply spike.

To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The dump follows the team’s steady liquidation over the past few months. Since June 5, Lookonchain analysts observed that the team had deposited 1.5 billion TURBO to multiple exchanges.

The Turbo daily chart shows that prices rose to $0.009 in late May. The liquidation by the team coincided with this expansion.

Prices dropped sharply after sending tokens to centralized exchanges in June, losing over 65%. TURBO found support at $0.0029 before printing higher highs and eventually erupting above May 2024 highs in early October.

Is This A Pump-And-Dump Scheme?

If past trends guide and the team actively sells, the probability of TURBO sliding from its recent swing high remains elevated. This contraction may trigger a massive sell-off, pushing prices to $0.007—or worse.

Whether the team is “pumping and dumping” remains only a speculation. However, if the team makes a statement, it could assuage fears and possibly prop up prices. For now, no definitive evidence supports any allegations of a possible pump-and-dump.

Earlier this month, the United States Department of Justice (DoJ) leveled charges against GotBit, a meme coin market maker, accusing them of, among others, wash trading and involvement in pump-and-dump schemes.

Move From Bitcoin To Memecoins In Upcoming Crypto Bull Run?

Crypto analyst Ardizor has outlined five memecoins to watch, anticipating that these assets could yield substantial returns as what he describes as the “biggest bull run” in crypto is set to commence in October.

According to Ardizor, Bitcoin (BTC) cycles typically begin 170 days after its Halving event and reach their peak approximately 310 days later. He suggests that starting in October, these memecoins and the broader market are positioned for significant gains that could surpass previous record highs.

Ardizor emphasizes that new bull runs often begin with liquidity flowing to established cryptocurrencies like Bitcoin and Ethereum (ETH) before shifting toward memecoins, setting the stage for a potential resurgence in the sector.

Five Tokens Poised For Major Gains

Among the memecoins Ardizor highlights are Sundog (SUNDOG), which has rapidly gained traction within the Tron network. He notes that Sundog is rooted in community engagement, aiming to unite enthusiasts and create “an inclusive ecosystem that offers various benefits for its holders.”�/p>

Currently trading at $0.31, up nearly 6% in the 24-hour time frame, and with a market cap of approximately $287.7 million, Sundog stands out as one of the most promising new entries in the memecoin landscape, according to the analyst.

Another notable mention is Simon’s Cat (CAT), which has emerged as the largest and most recognized meme coin on the Binance Smart Chain (BNB). Ardizor points to its consistent price increase, noting that Simon’s Cat is backed by the well-known Simon’s Cat brand, which has garnered over 1.6 billion views on its YouTube channel. 

The memecoin has a market cap of around $280.6 million and is trading at $0.000040, up a substantial 96% in the last month alone, proving the analyst’s theory of further price gains and investor interest in the token. 

The analyst also discusses Cate on ETH (CATE), a memecoin that originated from the Dogeverse and was inspired by a tweet from the Own the Doge social media account. 

With strong ties to Dogecoin (DOGE), Ardizor believes that CATE embodies a “spirit of adventure and innovation”, making it an attractive option for investors looking for the next big thing in memecoins. It currently has a market cap of around $16.2 million.

In addition, Neiro (NEIRO) is highlighted as a continuation of the Doge legacy. Associated with Kabosu, the dog behind the iconic Doge meme, Ardizor contended that Neiro captures the “true essence of memecoins and internet culture.”�/p>

NEIRO currently has a market capitalization of $341 million, with a notable 52% increase in the last 24 hours, resulting in a trading price of $0.0012, and over 2,325% in the last thirty days alone, making it the best performing token on Ardizor’s list.

Finally, Ardizor introduces the Turbo token (TURBO), a project that began as a bold experiment in cryptocurrency creation. Inspired by artificial intelligence (AI), Turbo was initiated with a simple challenge to create the next great memecoin starting with just $69. 

Today, the analyst notes that it thrives as a decentralized, community-led initiative, boasting a market cap of $387 million. Currently, TURBO trades at $0.0062, recording impressive gains of 8,980% year-to-date (YTD). 

Featured image from DALL-E, chart from TradingView.com