TURBO Token Soars 30% After Coinbase Listing

TURBO, the toad-themed meme coin on Ethereum, experienced a significant surge of over 30% on December 12, reaching a new all-time high of $0.0143, following its listing on Coinbase, the largest crypto exchange in the United States. At press time, TURBO was trading at $0.01283, up 16.1% over the past 24 hours, and its market capitalization stood at $893 million, just $107 million away from reaching the $1 billion milestone.

The surge in TURBO’s price came in a high-volume environment, with its daily trading volume increasing by 62.9%, surpassing $956 million. The rally gained momentum after TURBO was listed on Coinbase, which has a daily trading volume exceeding $9.1 billion, according to CoinGecko data. A few hours later, the meme coin was also made available on Coinbase Advanced, a platform for more experienced traders, further boosting interest. This listing, along with renewed trader activity, led TURBO to trend on Google.

In addition to Coinbase, TURBO’s rally was also driven by its listing on other major exchanges, including X-change and Biconomy. Furthermore, the broader meme coin market was on the rise, gaining 8.7% over the past day, reaching a market cap of $138.5 billion. This positive market sentiment helped fuel TURBO’s momentum.

According to data from Coinglass, the Open Interest in TURBO futures across exchanges surged from $56.93 million on Wednesday to $104.97 million on Thursday, indicating fresh capital entering the market. This increase in Open Interest suggests that new buying activity is taking place, which could lead to further price growth.

However, despite the positive price movement, TURBO faces potential risks that could dampen its rally. Data from IntoTheBlock showed that whale investors, or large holders, have begun selling their TURBO holdings. The whale holder netflow shifted dramatically from an inflow of $403,000 on December 9 to an outflow of more than $6.1 million on December 11. Whale sell-offs are often seen as signs of panic or profit-taking, which can sometimes lead to price declines. This pattern was previously observed with AAVE, the native token of the Aave Protocol, which saw a 14% drop after large investors sold off their positions in late October.

As TURBO’s price continues to be influenced by whale behavior and market sentiment, the coin’s future performance remains uncertain, and investors will need to monitor these developments closely.