TURBO surged by over 30%, reaching a new all-time high of $0.0143 on December 12 after being recently listed on Coinbase, the largest cryptocurrency exchange in the U.S.

Turbo (TURBO), the toad-themed meme token on Ethereum, saw a rise of 16.1% in the past day, trading at $0.01283 at the time of writing. Its market capitalization was approximately $893 million, just $107 million away from the $1 billion mark.

The altcoin’s surge occurred in an environment of high trading volume. According to data from crypto.news, TURBO’s daily trading volume increased by 62.9%, exceeding $956 million.

TURBO experienced a notable rally following its listing on Coinbase, a tier-1 cryptocurrency exchange that boasts a daily trading volume of more than $9.1 billion, based on CoinGecko data.

Shortly after, the meme token was also listed on Coinbase Advanced, the platform tailored for experienced traders. The renewed interest from traders drove the meme coin to trend on Google.

Turbo’s recent price increase was further supported by its listing on other well-known exchanges, such as X-change and Biconomy. The token’s price gained traction amidst a broader rally in meme coins, with the meme coin market up 8.7% in the past day, reaching $138.5 billion at the time of writing.

As per Coinglass data, the Open Interest in TURBO futures on various exchanges rose from $56.93 million on Wednesday to $104.97 million on Thursday, marking a continuous increase since late November. Rising Open Interest suggests fresh capital influx and new buying activity, indicating a potential price rally for TURBO.

Despite Turbo’s recent advances, the meme token may face risks that could impede its ongoing rally. Data from IntoTheBlock indicates that large holders have begun to sell the asset, with whale holder netflow shifting from an inflow of $403,000 on December 9 to an outflow surpassing $6.1 million on December 11.

The sell-offs by whales typically signal periods of panic or profit-taking, which can often lead to price declines. As previously reported by crypto.news, such large investor sell-offs caused AAVE, the native token of the Aave Protocol, to drop by 14% over five consecutive days after reaching a local high at the end of October.