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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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AI-generated meme coin Turbo ($TURBO) appears to be in free-fall barely a month after posting an all-time high (ATH), prompting fears of a collapse for the $565 million market cap project.
Turbo rallied to a new high watermark of $0.01317 on October 15. Since then, the token has shed 38% and now trades at $0.00817.
Furthermore, Turbo is down across the board. In thirty days, the token shed 17%, while its seven-day losses amount to 6.4% and its overnight losses stand at 4.4%.
This comes amidst a moderate meme coin rally that has added 1.5% to the $125 billion sector in the space of twenty-four hours. However, the bulk of these gains are not from blue chip meme coins.
Sector leader and progenitor, Dogecoin ($DOGE), remains virtually unchanged from its price twenty-four hours ago and currently changes hands at $0.3928.
Meanwhile, Pepe ($PEPE), the standard-bearer of non-canine meme coin avatars, dropped 1.8% overnight down to $0.00002015 as of this writing.
These crashes come as Bitcoin ($BTC) rallied 3% since yesterday and now stands at $94,532.
Will Turbo Recover to Post a New ATH?
The rapidity of Turbo’s fall is enough to cause holders some serious concern. However, the broader picture may not be so bleak. Turbo’s crash was anticipatable given the rapidity of its ascent, from $0.00477236 on October 3 up to an ATH of $0.01317 twelve days later. That’s 175% growth in under a fortnight.
Seen in this light, Turbo is probably not in a death spiral. More likely, the token is undergoing a correction that will put it in a good position to claim a new ATH.
Turbo’s relative strength index (RSI) is skirting around 30, indicating heavy selling that will be counterbalanced by some dip-buying in the short-to-mid-term.
All told, Turbo could even set multiple new ATHs over the festive period.
While Turbo Spirals, More Investors Join The $FLOCK!
Meme coins are volatile investments that tend to exaggerate wider market movements. When Bitcoin dips, then meme coins often crash, and vice versa.
Like many meme coins, Turbo is made purely for entertainment and prudent investors should only allocate small funds to it.
Those looking for more useful meme coins should explore the weird and wonderful world of micro-cap meme coin ICOs, where many innovative new species of meme coin are just launching.
One new presale is already creating a strong community and it hasn’t hit the open market yet.
This fall, meme coin fans are piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK). In little over a month, the presale has raised more than $2.5 million.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than an opaque centralized authority, like with Turbo.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 836% on the tokens they stake over a two-year period.
Flockerz is a transparent and fully audited project.
That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions to join Neiro and other top meme coins.
Join now. Follow Flockerz on X and Telegram.
Visit the Flockerz Presale Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
