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Everything you need to know about meme coins price forecast and the price prediction
With meme currencies regaining popularity, investors are looking for the next big meme currency to invest in. Turbo is one of the most popular new currencies. We lay everything down in this Turbo price forecast so you can determine whether it is worth purchasing.
Turbo Price History
Turbo debuted on May 4 as an alternative to Pepe meme coins. Despite a rather flat first 24 hours, the introduction was appropriate, as Binance stated on May 5 that it will feature Pepe and Floki in its "innovation zone."
The announcement threw meme coins into a frenzy, with Turbo rocketing from its initial price of US$0.00065 to US$0.003048 in less than 48 hours. Things were looking great for Turbo until the meme currency market imploded, causing the prices of Pepe, Floki Turbo, and many other meme coins to drop.
Turbo surrendered on May 9 around its May 4 support of roughly US$0.00053, after which the price rebounded. It remains to be seen, though, if the bounce is a dead cat bounce or whether Turbo will recapture its highs. The currency is presently down 77% from its five-day highs, indicating that many holders had poor convictions and bought it for short-term gains.
Tokenomics
Turbo has a total supply of 69,000,000,000, all of which are now in use. Turbo's market cap is US$49,239,572 as a result of the token's pricing. At the time of writing, there are approximately 17K Turbo holders, which is a nicely diluted token distribution but still well short of Pepe's 111K.
The current generation of meme coins has taken a different approach than earlier generations. Most meme currencies featured significant token emissions that would be released over time, however, Dogecoin had no limited supply at all.
Turbo and other new meme currencies, on the other hand, were issued in secret, with all tokens available instantly. Because there will be no significant future supply shocks, this is an important feature to consider when determining its long-term price.
Turbo Price Prediction for 2023
Given the current worldwide economic troubles, it is doubtful that Turbo will set new records this year. While it is not impossible, new ATHs would require Turbo to recoup more than a US$200 million market worth.
Although not impossible, low-utility meme coins struggle to maintain a high price, especially during turbulent or weak market circumstances. For example, consider the Dogelon Mars chart below.
In April 2021, the currency was released during the last bull market. It was quickly hailed as one of the top cryptocurrencies, sweeping the industry and garnering a sizable price less than a month after its release. However, the price plunged, like with other recent meme currencies, and it has yet to recoup its ATH.
Dogelon Mars has traded over US$2.4 million in volume in the previous 24 hours, indicating that there is still demand for the currency, and it will likely grow along with the rest of the market.
Furthermore, Dogelon Mars has a market worth of US$116 million, which is more than quadruple that of Turbo.
With this in mind, we predict Turbo will be able to sustain enough demand to see it to 2023 without seeing a price collapse, but the lack of use may make it difficult to break its ATHs. Nonetheless, with the Bitcoin bull market approaching, Turbo might end the year well. As a result, our Turbo price forecast predicts a price of US$0.0028 by the end of 2023.
Turbo Price Prediction for 2024
Looking ahead to 2024, we may anticipate Turbo to catch up with more established meme currencies, owing to its strong start.
Despite its youth, Turbo has amassed a Twitter following of over 36K and consistently earns over 100 likes on each tweet. The project has also garnered over 9K Discord users, demonstrating the Turbo founding team's capacity to build a community.
This is significant in the meme currency market since the price is determined by excitement and community size rather than functionality. Meme coins, on the other hand, are the riskiest for this reason, with many being rug pulls.
According to Standard Charted's expert experts, Bitcoin might reach US$100,000 by 2024. This forecast corresponds to the forthcoming Bitcoin halving, which has typically resulted in a bull market.
If a bull market breaks out in 2024, we may expect Turbo to grow with it; given its rapid ascent to prominence, our Turbo price forecast suggests Turbo might hit US$0.004 by the end of 2024.