AI Meme Coin TURBO Trends Near All-Time Highs Amid Concerns of a Pump-and-Dump Scheme

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.

AI meme coin Turbo (TURBO) has seen a massive upswing since mid-September, breaking through local resistances and reaching record highs. However, recent analysis by Lookonchain suggests that the Turbo team's actions may be signaling an upcoming pump-and-dump scheme.

Theことからわかるようにs to major centralized exchanges, such as Binance and OKX, have sparked concerns among holders, as such movements typically indicate the holders' intention to sell their assets. While it's not yet clear if the tokens have been sold, the flagged activity on October 16 hinted at a bearish trend for the token, indicating a possible increase in supply.

Specifically, the team transferred 810 million TURBO to Binance and OKX, adding to the team's ongoing activities in moving TURBO to centralized exchanges. According to Lookonchain analysts, since June 5, the team has deposited 1.5 billion TURBO across multiple exchanges.

Interestingly, the daily chart of TURBO shows that prices initially rose to $0.009 in late May, coinciding with the team's liquidation activities. However, after transferring tokens to exchanges in June, TURBO's price sharply declined by over 65%, finding support at $0.0029. It later recovered, surpassing May's highs in early October.

Given the team's selling behavior, there's speculation that a pump-and-dump scheme is underway. If this continues, TURBO could see a further decline from its recent highs, potentially triggering a massive sell-off and pushing prices to $0.007 or lower.

However, it's important to note that these are merely speculations, and a statement from the team regarding their actions could help assuage investors' concerns and stabilize prices. Currently, there's no conclusive evidence to support such allegations.

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

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