Turbo Team Selling: Time To Exit?

According to Lookonchain analysts, the retracement from all-time highs at $0.013 early this week could be primarily due to the team dumping. The team has been sending tokens to Binance and OKX, leading to concerns about whether they are exiting the project and dumping on holders.

Movements to centralized exchanges are often seen as bearish, signaling the holder’s intention to liquidate. Whether they sold or not remains to be seen at this point. However, after the signal was flagged on October 16, the token trended lower, suggesting a possible supply spike.

To put the numbers into perspective, the team sent 810 million TURBO to Binance and OKX. The dump follows the team’s steady liquidation over the past few months. Since June 5, Lookonchain analysts observed that the team had deposited 1.5 billion TURBO to multiple exchanges.

The Turbo daily chart shows that prices rose to $0.009 in late May. The liquidation by the team coincided with this expansion.

Prices dropped sharply after sending tokens to centralized exchanges in June, losing over 65%. TURBO found support at $0.0029 before printing higher highs and eventually erupting above May 2024 highs in early October.

Is This A Pump-And-Dump Scheme?

If past trends guide and the team actively sells, the probability of TURBO sliding from its recent swing high remains elevated. This contraction may trigger a massive sell-off, pushing prices to $0.007—or worse.

Whether the team is “pumping and dumping” remains only a speculation. However, if the team makes a statement, it could assuage fears and possibly prop up prices. For now, no definitive evidence supports any allegations of a possible pump-and-dump.

Earlier this month, the United States Department of Justice (DoJ) leveled charges against GotBit, a meme coin market maker, accusing them of, among others, wash trading and involvement in pump-and-dump schemes.

As the broader crypto market navigates a period of volatility and uncertainty, traders eagerly search for confirmation of a potential rally. WIF, which has gained significant traction in recent months, is now at a crucial point where the next move could define its short-term future.

Prominent analyst and investor Ali Martinez has shared insightful data suggesting a bullish outlook for DogWifHat. Metrics point toward a rise in price action, which could lead to a breakout, with WIF potentially surging to the $4 mark if momentum continues to build. 

However, the coming days will be key in determining whether a bull trend can be confirmed as market participants await signs of sustained upward movement. All eyes are on WIF to see if it can capitalize on this moment and rally to new heights.

DogWifHat Turning Point 

DogWifHat (WIF) is at a critical turning point, with its price hovering just above the $2.5 mark, a crucial psychological level for confirming an ongoing uptrend. Investors and traders are closely watching this level, as its ability to hold will determine whether WIF pushes to new highs or retraces to lower demand zones.

Top analyst Ali Martinez recently shared a technical analysis on X, revealing that a buy signal has appeared for WIF on a key indicator, the TD Sequential. 

The TD Sequential, known for accurately predicting trend reversals in the crypto market, has previously been spot-on for DogWifHat. According to Martinez, this new buy signal could be the catalyst that sends WIF into a bullish phase, fueling optimism among investors.

The overall sentiment in the market is also leaning toward a potential surge as volatility continues to rise and other major cryptocurrencies show signs of life. Martinez’s analysis supports the growing belief that WIF could be on the verge of a breakout, especially if it holds the $2.5 level. 

However, if the price fails to maintain this support, investors expect a drop to lower demand levels. In the coming weeks, WIF’s price movement will be pivotal in determining whether the meme coin continues its upward trajectory or faces further corrections.

WIF Technical Analysis 

WIF is currently trading at $2.62 after experiencing a few days of volatile price action within a sustained uptrend. On Monday, the price set a new high at $2.97 but has since retraced slightly and is now testing crucial demand at a previous resistance level of around $2.5. 

This level is key for bulls, as holding above $2.5 would maintain the upward momentum and set WIF up to target the $3 mark, in line with the broader market’s continued push upward.

However, should WIF fail to hold the $2.5 level and close below it, this could indicate a shift in the price structure and signal the start of a correction. 

Traders are keeping a close eye on these levels, as a drop below $2.5 would suggest weakening bullish momentum and the potential for a pullback to lower support areas. The next few days will determine whether WIF continues its uptrend or faces a short-term retracement.

Featured image from Dall-E, chart from TradingView

Meme Coins Soaring But PELF Deployer Dumping

The lift-off in Solana has seen some of its ecosystem tokens massively benefit. Among the many, Solana-based meme coins continue to rip higher. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now command a market cap above $1 billion.

While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to break above the $1 billion level, some whales are fading the current bull run. One analyst, citing Nansen data, observes that the deployer of the PELF, a meme coin on Solana, is offloading.

Initially, the deployer received 247 million PELF for 82 SOL worth $12,516. Later, the addresses received another 39.13 million PELF. According to on-chain data, the address has sold 3.2 million PELF for 662 SOL.

Although analysts believe the deployer might have offloaded more tokens through other unknown addresses, the whale currently owns over $7.8 million worth of PELF at spot rates.

Usually, any liquidation by a whale is considered bearish and might significantly influence price action. Retail traders, some interested in meme coins, often closely monitor the accounts of known whales, including deployers. If they choose to sell, moving tokens to a DEX, speculators will also look to sell before prices tank.

Will Improving Crypto Sentiment Drive Demand?

PELF remains in an uptrend, judging by the formation in the daily chart. The token is up nearly 300% from September lows. However, PELF is inside a broader range and down from its March 2024 highs.

If buyers are to take charge, there must be a confirmation of October 14 gains. In that case, PELF could break above $0.0008101, bottoming out from Q3 2024 lows.

Improving crypto sentiment could lift meme coins, driving them to new valuations. As of October 15, the total market cap of Solana meme coins exceeds $10.9 billion.

Interestingly, they continue to grow in strength, looking at the number of Solana meme coins breaking into the top 10. According to Coingecko, Dogecoin is still the most valuable. However, DogWifHat, Bonk, and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.

 Meme Coin Trader Misses A $25 Million Payout

In the past week, eyes have been on Sui Network, a modern blockchain that claims to process over 50,000 transactions every second (TPS) and is faster than Solana. The spike in activity results from the success of what’s arguably one of the largest meme coins in its ecosystem.

After launching nearly six days ago, Sudeng (HIPPO) is on fire, posting impressive higher highs. The surge over this time has pushed HIPPO’s market cap and, thus liquidity, higher, looking at swaps at Sui Network‘s decentralized exchange, Cetus 4.

Changing hands at over $0.010 means traders who got in early, choosing to HODL on and not getting concerned with the sell-off across major markets like Bitcoin could be neck-dip in profits. According to trackers, one meme coin trader is regretting after exiting early, dumping HIPPO for a small profit.

On launch, the trader sold 258 SUI, worth around $433, for 1.8 billion HIPPO. This is nearly 20% of the total supply standing at 10 billion. However, the trader chose to sell all this stash for 6,299 SUI days later, racking in nearly $11,000.

The problem is, if the trader had chosen to wait, even for another 36 hours, it would have turned out to be major gains. As of October 4, the 1.8 billion HIPPO, is now worth over $25 million.

The premature decision to sell is proving costly and is a missed opportunity. All the same, the trader shouldn’t be blamed. The $11,000 earned represents a more than 200X gain.

Moreover, even if the trader would have held on, becoming a diamond hand and waiting for prices to rally, it would have been tough for the trader to exit all at once.

HIPPO Concentration A Concern: Will The Sudeng Pump?

HIPPO is not very liquid, and looking at ownership from SuiScan, one address controls over 7.6 billion tokens, which is more than 76% of the total supply.

If the trader held on, the address would be the second largest. Any attempt to sell would force prices lower, triggering panic as other holders scramble to the exits.

Currently, traders will be closely monitoring how HIPPO performs. As a meme coin, much depends on hype and whether there is a fear of missing out (FOMO). If that’s the case, the meme coin will float higher, outperforming SUI, which is also relatively firm.

The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.

DogWifHat Whale Accumulating, Meme Coin Soaring

Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.  

By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.

On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.

However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.

Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.

After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.

Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.

Will WIF Follow Popcat And Register Fresh Highs?

The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.

After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.

MooDeng Trader Turns $800 To $1.3 Million

According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell to over $1.3 million roughly two weeks after buying.  

Related Reading: Analyst Warns Of Short Squeeze as Bitcoin Futures Market Heats Up

The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24.

A glance at MooDeng’s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve.

Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins.

Solana Meme Coin Ecosystem Recovering

Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.

Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion.

Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn’t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million.

Gecko Terminal data shows over 9,800 holders, and each token is changing hands at around $0.06, translating to over $63 million in market cap. Even with the uptick in trading volume and prices, MooDeng is mostly traded on Raydium, a DEX on Solana.

NEIRO Surging After Binance Listing

According to trackers, NEIRO is up 109% over the last day, increasing due to rising trading volume. Technically, the underlying momentum is strong whenever a combination of rising prices and engagement occurs. For this reason, some hints suggest that NEIRO has more ground to cover, and early investors should be preparing for even more gains.

While the hype around NEIRO is a big factor explaining the uptick in engagement and price, the resulting fear of missing out (FOMO) was initially initiated by the listing on Binance on September 16.

According to Binance, the world’s largest exchange by trader count, NEIRO, together with two other meme coins, TURBO and BABYDOGE, started trading on September 16. Yesterday, on September 17, traders began withdrawing the token.

Even before listing, the meme coin was one of the top performers, expanding triple digits as excitement built up. Less than 48 hours later, traders are looking to double down, FOMOing on the meme coin, to ride the trend.

Trader Makes Millions As Whale Accumulates

Out of this sharp leg out, analysts point out that some early traders were heavily rewarded. Arkham data on September 16 shows that one trader, only identified as “0x6ac”, turned a $16,500 investment into over $1.8 million from getting in early before the listing.

The address, analyst note, began accumulating large amounts of NEIRO after the token launched. Instead of being shaken out by market conditions, the address continued until the Binance listing before cashing out.

Amid this development, trackers are also picking out interesting developments. Whales and social media influencers are also accumulating the meme coin.

On-chain movements reveal that one influencer, @BitCloutCat, has been buying the token after the Binance listing. As of September 17, the influencer was in the money, up over $808,000 in profits. Meanwhile, another whale bought 4.67 billion NEIRO worth over $1.3 million, fanning demand.