The price of the first AI-generated memecoin, Turbo Toad Token ($TURBO), dropped by 11% in recent hours following a significant deposit of 810 million $TURBO tokens to Binance and OKX exchanges.

Team Wallet Movements Raise Investor Concerns

Historically, this wallet, which previously received $TURBO from the project developer and token vesting contracts, often sells $TURBO at price peaks. The latest activities have raised concerns among investors about further potential sell-offs. Despite the recent deposit, the wallet still holds 3.7 billion $TURBO, valued at $40.3 million. A similar movement was observed today when Storj team transferred a large amount of $STORJ to Binance.

Turbo Toad Token’s History and Volatility

Launched with a budget of just $69, Turbo Toad Token attracted attention as the first AI-generated memecoin. The project's token movements are closely monitored by the crypto community, especially as large sell-offs tend to coincide with price drops. At this moment, if selling pressure increases, the token could fall further, causing more harm to retail traders.

Conclusion and Outlook

The large deposit of $TURBO tokens has triggered a sharp price decline, heightening concerns among investors about further sell-offs. Crypto traders are advised to monitor the coin's movements closely and conduct their due diligence. Observing team behavior and their asset management could provide valuable insights for future decisions.

Large deposits of tokens to exchanges continue to influence Turbo Toad Token's price. Traders are advised to stay vigilant and conduct their own research.