TURBO Rallies Over 30%, Hitting a New All-Time High of $0.0143 on Dec. 12 Following a Recent Listing on Coinbase

Turbo (TURBO), the toad-themed meme coin on Ethereum, was up 16.1% over the past day at press time, trading at $0.01283.

The price of Turbo (TURBO) has surged over 30% after its recent listing on Coinbase, hitting a new all-time high of $0.0143 on Dec. 12.

As of press time, the toad-themed meme coin was up 16.1% over the past 24 hours, trading at $0.01283. Its market capitalization stood at $893 million, just $107 million away from the $1 billion mark.

The altcoin’s rally was accompanied by high trading volume, with crypto.news data showing a 62.9% surge in TURBO’s daily trading volume to $956 million.

The listing of TURBO on Coinbase, a tier-1 cryptocurrency exchange with a daily trading volume of over $9.1 billion according to CoinGecko, sparked significant interest among traders.

Hours after its listing on Coinbase, the meme coin was also listed on Coinbase Advanced, the exchange's platform for experienced traders.

This renewed interest from traders led TURBO to become a trending topic on Google.

The recent rally in Turbo was also driven by its listing on other popular exchanges, including X-change and Biconomy.

The altcoin’s price also gained momentum amid a broader rally in meme coins, with the meme coin market up 8.7% over the past 24 hours, reaching $138.5 billion at the time of writing.

According to data from Coinglass, the Open Interest in TURBO futures across exchanges increased from $56.93 million on Wednesday to $104.97 million on Thursday, continuing its steady rise since late November.

A growing Open Interest indicates fresh capital entering the market and new buying activity, which could bode well for a rally in TURBO's price.

However, despite Turbo's recent gains, the meme coin faces a potential threat that could derail its current rally.

According to data from IntoTheBlock, whales have begun selling the asset, as evident from the net whale holder flow, which shifted from an inflow of $403,000 on Dec. 9 to an outflow of over $6.1 million on Dec. 11.

Whale sell-offs often signify periods of panic or profit-taking, which can frequently lead to price declines.

As previously reported by crypto.news, these large investor sell-offs caused AAVE, the native token of crypto lending platform Aave Protocol, to drop 14% over five consecutive days after hitting a local high at the end of October.