TURBO, an ERC-20 meme coin on Ethereum created using ChatGPT, recorded over $1.4 billion in trading volume last week.
The price of TURBO reached a new all-time high (ATH) at $0.012 after surging 116% in October. However, a crypto whale has started booking profits.
Crypto Whale Takes Profit as TURBO Reaches ATH
TURBO exemplifies the frenzy around meme coins. Initially created with just $69, TURBO has grown into a meme coin with a market capitalization exceeding $800 million.
It is now the 17th largest meme coin by market cap and ranks 103rd in the overall crypto market. At the time of writing, TURBO’s price has corrected by over 11% from its ATH and is now trading around $0.0116 USD.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Data from CoinMarketCap shows that TURBO’s weekly trading volume surpassed $1.4 billion, tripling the average from the previous weeks. Taking advantage of strong liquidity and high prices, TURBO whales have begun taking profits.
According to Spot On Chain, a savvy whale at address 0x51c transferred all 188.89 million TURBO tokens (worth $2.27 million) to Binance for profit-taking. The platform estimates that this crypto whale earned approximately $1.025 million (+82.5%) in less than a month.
Meme Coins Invade Top Altcoin Rankings
Currently, 10 of the top 100 crypto projects by market capitalization are meme coins. Investor Lark Davis questions whether this could signal the start of a supercycle for meme coins.
The rankings feature traditional meme coins like DOGE, SHIB, and PEPE alongside a new generation of meme coins such as NEIRO, MOG, and POPCAT. Additionally, politically themed meme coins have emerged as a notable trend this year.
However, buying into meme coins that have already surged, like TURBO, often carries high risk. Investor Miles Deutscher recently warned that the widespread meme coin craze on X may be a sign of an impending market correction.
“And as market caps increase, it takes more capital to sustain momentum. So either memes cross into the retail chasm now, or, we may put in a local top for a little while and let things temporarily cool down.” Miles Deutscher said.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Despite the risks, investors continue to flock to meme coins. Google Trend data shows an increase in searches for “meme coins” in October. As of this writing, the meme coin market cap has reached $59.3 billion, up 4.9% in the last 24 hours, according to CoinGecko.
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