Turbo (TURBO) Surges 30% After Coinbase Listing
TURBO rallied over 30%, hitting a new all-time high of $0.0143 on Dec. 12 following a recent listing on Coinbase, the largest crypto exchange in the U.S.
Turbo (TURBO), the toad-themed meme coin on Ethereum, experienced a 16.1% increase in value over the past day, trading at $0.01283 with a market cap of $893 million. The altcoin is inching closer to the $1 billion milestone, with its recent surge fueled by high trading volume.
The daily trading volume for TURBO jumped by 62.9%, reaching over $956 million, indicating significant interest from investors. The meme coin’s listing on Coinbase, a leading cryptocurrency exchange in the U.S. with a daily trading volume exceeding $9.1 billion, played a key role in its recent rally.
Following its listing on Coinbase, TURBO was also added to Coinbase Advanced, attracting more experienced traders and generating buzz on Google trends. Additionally, the meme coin gained momentum from listings on other popular exchanges like X-change and Biconomy.
Amid a broader rally in the meme coin market, Turbo’s price surge contributed to the overall market growth, which stood at $138.5 billion at the time of writing.
Coinglass data shows a significant increase in Open Interest in TURBO futures across exchanges, rising from $56.93 million to $104.97 million, indicating fresh capital inflows and potential price appreciation.
However, there is a potential risk for Turbo as whale holders have started selling off their assets, with net outflows exceeding $6.1 million on Dec. 11. Whale sell-offs can trigger panic selling and price drops, as seen in previous instances with other cryptocurrencies like AAVE.
