TURBO

The cryptocurrency market has recently seen a significant shift in sentiment, creating a favorable trading environment. Leading the charge is Bitcoin, surging to $67K after a 3% rise in just 24 hours. With this rally, other cryptocurrencies like Turbo have also gained momentum.

$1M Profit from Smart Crypto Trading

According to Spotonchain, a well-known analytics platform on X, one crypto trader turned a $1.24M investment into $2.226M in just 25 days. The trader, identified by the wallet address 0x5ac, withdrew 188.89M $TURBO tokens from Binance between September 21 and October 13. He purchased Turbo tokens at $0.007 each, only to sell them later at $0.012, realizing an 82.5% profit.

A smart whale just locked in a $1.03M profit from $TURBO (@TurboToadToken) after the price surged 35.6% today!

Smart whale "0x5ac" initially withdrew 188.89M $TURBO from #Binance at ~$0.007 (cost: $1.24M) between Sept 21 and Oct 13, then unloaded all just now at $0.012, gaining… pic.twitter.com/rRzmgcm7Q6
— Spot On Chain (@spotonchain) October 15, 2024

This successful trade is part of a broader portfolio that includes 21 tokens with a 71% win rate. Other profitable trades include $1.5M from Turbo, $843K from BRETT, $467K from PEPE, and $325K from LINK. However, not every trade was a winner, as the trader lost $127K on ONDO, his biggest setback.

Another trader also made headlines, turning $727 into $2.42M in just four days, further fueling the excitement around crypto trading.

Where is Turbo Price Headed Next?

Turbo has gained popularity recently, boasting a market capitalization of $735.98M and a trading volume of $418.96M. The token hit an all-time high (ATH) of $0.01318 after a 54% rally over the past week. While the price has dipped slightly to $0.01121, it’s still up by 166% over the past month.

Currently, Turbo is in a consolidation phase, with strong buying pressure indicated on the 24-hour chart. However, overbuying conditions are evident, and the RSI at 71.72 suggests a potential trend reversal. The CCI and Momentum indicators also point toward consolidation.

If Turbo breaks through the resistance at $0.01152, it could resume its uptrend, though the consolidation phase may last from days to weeks, depending on market sentiment.

What’s Next for Crypto Traders?

Turbo’s rapid price surge has presented significant opportunities, but its current consolidation phase means traders should proceed with caution. Investors can explore other promising cryptocurrencies, refine their trading strategies, and stay ahead in this dynamic market.

In a remarkable crypto trading journey, one investor turned a significant profit of $2.44 million as the TURBO token surged by 10x. Despite a turbulent market, the trader capitalized on a key opportunity, demonstrating how patience and strategic buying can lead to substantial gains.

Crypto Trader’s Journey to $2.44 Million

According to Spotonchain, an AI analytics platform, the trader began investing in the TURBO token on May 5, 2023. Over the course of 1.3 years, the investor purchased over 897 million TURBO tokens at an average price of $0.0004.

12 hours ago, an early holder deposited the last 695M $TURBO ($2.65M) to #OKX for a huge profit!

Notably, this holder began trading $TURBO on May 5, 2023, and had traded 897.57M tokens in total.

With an avg entry price of $0.0004 and an exit at $0.003, this holder has likely… pic.twitter.com/WoTKC9TLl0
— Spot On Chain (@spotonchain) September 11, 2024

In a major move, the trader sold 695 million TURBO for $2.65 million on the OKX exchange, when the token hit $0.003—a 10x increase from the original buying price. This trade alone netted the investor a profit of $1.1 million.

The Investor’s Strategy

The investor likely spent about $287K on the TURBO tokens and, by selling at the right time, achieved a 7.5x return. Even though the trader still holds over $142K in Ethereum and USDT, these assets have suffered a 94% loss due to Ethereum’s recent price decline.

Despite the losses, the investor maintains a profit and loss (PnL) balance of $2.575M, reflecting a +906.377% return. There is also an additional $9,463 in unrealized PnL, which could add to future profits.

TURBO Token’s Rise and Decline

After the 10x price surge, the TURBO token has seen a slight decline, now sitting at $0.003716, down 2.39% in the last 24 hours. However, the token is still up 6% on weekly charts.

As one of the popular meme coins in the market, TURBO has gained attention, particularly due to its AI association, which has driven its demand. The token hit an all-time high of $0.00978 three months ago, raising expectations for its performance in the next bull run.

Conclusion

In a recent crypto trading post by Spotonchain, a trader made heavy profits by selling 695 million TURBO tokens for $2.65 million on OKX. Having bought into the token back in May 2023, the trader took advantage of a 10x price increase, ultimately profiting $1.1 million.