TURBO surges 30% following Coinbase listing

TURBO rose over 30% following its recent listing on Coinbase, the largest US crypto exchange, reaching an all-time high of $0.0143 on December 12.

Ethereum’s frog-themed meme coin Turbo (TURBO) traded at $0.01283, up 16.1% at press time last day. Its market capitalization stood at $893 million; which left it just $107 million away from reaching the $1 billion milestone.

The altcoin’s rally took place in a high-volume environment. According to crypto.news data, TURBO’s daily transaction volume increased by 62.9% to over $956 million.

According to data from CoinGecko, TURBO saw a significant rise after its listing on Coinbase, a tier-1 cryptocurrency exchange with daily trading volume exceeding $9.1 billion.

Hours later, the meme coin was also listed on Coinbase Advanced, the exchange’s platform designed for more experienced investors. The renewed interest from traders later caused the meme coin to trend on Google.

Turbo’s recent rally has also been fueled by its listing on other popular exchanges such as X-change and Biconomy. The altcoin’s price has also gained momentum amid a broader rally among meme coins, with the meme coin market rising 8.7% to $138.5 billion in the past day.

According to data from Coinglass, open interest in TURBO futures across exchanges rose from $56.93 million on Wednesday to $104.97 million on Thursday, continuing its steady rise since late November. Increased Open Interest signals new capital entering the market and new buying activity, indicating a potential rise in TURBO price.

Despite Turbo’s recent gains, the meme coin faces a potential risk that could hinder its current rise. Whales began selling the asset, as shown by the net flow of whale holders, which turned into an outflow of over $6.1 million on December 11, from $403,000 on December 9, according to data from IntoTheBlock.

TURBO price and net flows to major shareholders – December 11 | Source: IntoTheBlock

Whale sell-offs often indicate periods of panic or profit-taking, which can often lead to price declines. As previously reported by crypto.news, these massive investor sell-offs caused AAVE, the native token of crypto lending platform Aave Protocol, to fall 14% over five consecutive days after reaching a local peak in late October.

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