TURBO Stimulated the Meme Coin Market
The meme coin TURBO, which stands out with its frog theme on the Ethereum network, rose by more than 30% and reached $0.0143, reaching its highest price of all time, after being listed on Coinbase, the largest cryptocurrency exchange in the USA, on December 12.
TURBO, whose market value is recorded as $893 million, missed the $1 billion threshold by only $107 million.
TURBO’s rally was supported by high volumes of transactions, with the altcoin’s daily trading volume increasing by 62.9% to over $956 million. This volume increase occurred after it was listed on Coinbase, one of the world’s leading cryptocurrency exchanges.
According to CoinGecko, Coinbase stands out as an exchange with a daily transaction volume exceeding $9.1 billion.
A few hours after the Coinbase listing, TURBO also began trading on the Coinbase Advanced platform, which appeals to more experienced traders. This development further increased the interest in meme coin and made it among the popular topics in Google trends.
Turbo’s rally wasn’t limited to just Coinbase. Listing on other popular exchanges such as X-change and Biconomy also accelerated the price of the altcoin.
In this process, the general rise in the meme coin market also supported the price of TURBO. In the last 24 hours, the meme coin market gained 8.7% in value, reaching $138.5 billion.
Open Interest in TURBO futures also continues to increase. According to Coinglass data, Open Interest increased from $56.93 million on December 11 to $104.97 million on December 12. This increase is a continuation of a trend that has been ongoing since the end of November.
The growth of Open Position indicates new capital entry into the market and increasing purchasing demands. This indicates the potential for further increases in TURBO’s price.
Despite TURBO’s recent rally, the meme coin is facing a risk due to selling by major investors (whales). According to IntoTheBlock data, whale holder net flow turned from an inflow of $403,000 on December 9 to an outflow of over $6.1 million on December 11. Such periods when large investors sell heavily often put pressure on the market and can lead to price declines.
This situation had created similar effects in the past. For example, in October, the AAVE token lost 14% of its value in five days after major investors sold it off. It will become clear in the coming days how TURBO will react to this selling pressure and whether it can continue its rally.
Recent developments reveal that TURBO has increased both its popularity and transaction volume. However, its price may fluctuate with the support it receives from the general rally in the market and listings on new exchanges.
It seems that the behavior of major investors and the general trend of the market will be decisive on TURBO’s future performance.
Investors should proceed by taking into account that this activity in the meme coin market contains both opportunities and risks. TURBO’s short-term rally and long-term potential will continue to shape depending on market dynamics and investor interest.
