A whale address holding a large amount of PEPE, a frog-themed meme coin, recently led a new trade in Turbo token (TURBO), which was built entirely from scratch using ChatGPT 4. At the time of the purchase, Whale had purchased a total of 1.38 billion TURBO tokens worth $1.1 million at an average price of $0.0007055. Because the trader has already made huge profits from Pepecoin and turned them into Turbo. But now we have witnessed the TURBO sale of another whale. Here are the details…
Whale-loaded altcoin sale
Turbo token gained significant momentum in the market, with a market cap approaching $100 million within 10 days of its launch. According to the project’s whitepaper, memecoin aims to establish itself as a leading meme coin with a unique identity and a strong focus on simplicity, fairness and community engagement. However, trading such tokens is clearly risky, and decentralized exchange Uniswap has warned investors of the same. Despite the risks, the Pepecoin rally sparked a frenzy among crypto traders and investors, prompting renewed interest in this crypto asset class.
Note that this whale has sold 30M $TURBO after the price of $TURBO increased.
He bought a total of 1.7B $TURBO with $1.21M at a price of $0.0007052.
Then sold 30M $TURBO for 25K $USDC at a price of $0.0008482.
Currently holds 1.68B $TURBO($1.33M).https://t.co/7PtggrxgLS pic.twitter.com/FlWJABfXwF
— Lookonchain (@lookonchain) May 13, 2023
According to data from DexScreener, the Turbo token price soared amid the memecoin craze, hitting as high as $0.003007 over the weekend. It is clear that the whale address is taking advantage of current market trends and turning its profits from one meme coin to another. On-chain data from Lookonchain shows that the whale purchased a total of approximately 1.7 billion TURBOs for $1.21 million at an average price of $0.0007052, and then sold 30 million TURBOs worth approximately $25,000 at an average price of $0.0008482. As of writing, the whale has 1.68 billion TURBO tokens worth approximately $1.33 million.
Will the rise of meme coins continue?
The rise of meme coins like Pepecoin and Turbo has led many to believe that the crypto winter may be over soon. However, investors should be careful when trading in such tokens. These coins are highly volatile and often lack fundamental value. All in all, the recent trade of the giant whale address in Turbo token highlights the potential for rapid profits in the meme coin market. However, investors should do extensive research and be careful when investing in such tokens to avoid any losses.
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