The price of $TURBO experienced a sharp 11% drop in the past three hours following the deposit of 810 million tokens (valued at $9.97 million) to Binance and OKX.
This large transfer was made by a wallet linked to the TurboToadToken team, raising suspicions of another major sell-off.
This activity follows a familiar pattern for this wallet, which has been observed receiving $TURBO from the project’s developer and token vesting contract. These tokens are typically unloaded onto exchanges at market peaks, which often leads to price declines shortly after.
Recent price movements in $TURBO have been dramatic. On September 29, the team unlocked 4.5 billion tokens, which was followed by a significant price surge of 86% over the next 17 days, with $TURBO climbing from $0.00631 to $0.01171. However, the deposit of 810 million $TURBO earlier today appears to have reversed that trend, sparking the current 11% decline.
09.29 团队解锁 45 亿枚代币
17 天币价暴涨 86% ($0.00631 > $0.01171)
三小时前疑似抛售 8.1 亿枚 $TRUBO你在明他在暗，为什么难赚钱似乎不用多说了🥹
TURBO 团队过去三小时向 #OKX & #Binance 充值价值 996 万美金的代币，目前仍剩余 37 亿枚，价值 4310 万美金；充值到现在，币价已下跌 4.6% 📉 pic.twitter.com/3OWE7PrqiZ
— Ai 姨 (@ai_9684xtpa) October 16, 2024
Team-Linked Wallet Still Holds 3.7 Billion $TURBO Tokens
As of now, the team-linked wallet still holds 3.7 billion $TURBO tokens, valued at around $40.3 million. Given the wallet’s history of selling tokens during price spikes, traders are keeping a close eye on further potential movements from the team’s remaining holdings.
The $TURBO price dropped by 11% in the past 3 hours after a wallet linked to @TurboToadToken deposited 810M $TURBO ($9.97M) to Binance and OKX today!
Previous activity shows that this wallet often received $TURBO from the project developer and token vesting contract, unloading… pic.twitter.com/zDjJuR3a8v
— Spot On Chain (@spotonchain) October 16, 2024
While $TURBO has demonstrated strong price growth in recent weeks, the market reaction to these large token transfers continues to introduce volatility. As the community watches for the next moves from the team, $TURBO holders will need to stay vigilant, knowing that significant sell-offs could impact the token’s price trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: moxumbic/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/turbo-price-drops-11-after-team-linked-wallet-deposits-810m-tokens-to-exchanges/