blockchainreporter.net
The price of Turbo Toad Token ($TURBO), the first AI-generated memecoin, has dropped by 11% over the past few hours following a large deposit of 810 million $TURBO tokens (valued at $9.97 million) to major exchanges Binance and OKX. This significant deposit was made by a wallet linked to the Turbo Toad Token project, according to on-chain data provided by Spot On Chain.
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!
— Spot On Chain (@spotonchain) October 16, 2024
Previous activity shows that this wallet often received $TURBO from the project developer and token vesting contract, unloading… pic.twitter.com/zDjJuR3a8v
Team Wallet Movements Raise Investor Concerns Amid Potential Sell-Offs
Historical patterns suggest that this wallet, which has previously received $TURBO from the project developer and token vesting contracts, often sells $TURBO at price peaks. The latest activity has raised concerns among investors about potential further sell-offs. Despite the recent deposit, the wallet still holds 3.7 billion $TURBO tokens, valued at $40.3 million.
Another similar movement was observed today when Storj team account transferred large amount of $STORJ to Binance. This kind of movements by team wallets is raising serious concerns among retail investors. Traders are advised to monitor the coin closely and DYOR before making any move.
Turbo Toad Token’s Origins and Price Volatility Draw Community Attention
Turbo Toad Token, launched with a modest budget of just $69, has gained attention as the first AI-generated memecoin, but the project’s token movements are closely monitored by the crypto community, particularly as large sell-offs tend to coincide with price drops. At this moment, if more selling pressure appears, the token could plunge further adding to the injury of retail traders.