ChatGPT’s Memecoin Skyrockets from $69 to $618M

ChatGPT memecoin’s developed Turbo finds a sharp increase in demand with the growing interest in AI-driven cryptocurrency applications.

The AI-generated memecoin Turbo (TURBO) has seen a sharp increase in value over the last 30 days, gaining 1,460.31% to reach a market valuation of more than $500 million. Its distinctive beginnings and the growing interest in AI-driven projects in the cryptocurrency world are credited with this fantastic rise.

Rhett Mankind, a digital artist, developed the concept, tokenomics, and smart contract for the memecoin Turbo using GPT-4. Starting with a meager $69, the initiative has grown into a well-known token in the cryptocurrency world. Memecoin’s appeal and transparency were increased by sharing the creation process with the community through documentation.

The man behind TURBO, Rhett Mankind, claims,

“Everything I’ve done is to try and just make it decentralized. So I’m not in control. And I think that’s where the beauty of this came from. It sort of blew up because I’m not running things. Everyone else is coming up with ideas and how to do something and they’re just implementing it way better than I could even do myself.”

Before retracing to about $34 million a year ago TURBO’s market capitalization had topped $50 million. Nevertheless, the token has experienced a staggering 2,550% increase since then.

The token has seen extraordinary recent performance, with its price hitting new all-time highs. According to the most recent data, Turbo’s price has significantly increased from its starting value and is currently approximately $0.0088. With over $500 million in volume, the token’s 24-hour trading volume has also increased significantly, suggesting increased investor interest and market activity.

One element cannot be solely responsible for Turbo’s success. According to existing literature, including its four-page whitepaper, Turbo has no use or broader purpose besides memecoin euphoria and expanded casino culture in unique cryptocurrencies.

Turbo attributes its success to its creative use of artificial intelligence, community-driven development, and a fair distribution model that forgoes contract ownership and allows tax-free transactions. With posts asserting that the token is entirely “community owned” and that “collective family spirit and determination are making history,” the project has barely 54,500 followers on X. However, the token’s price increase is the only effect.

There are several centralized exchanges where the memecoin is traded. However, some of the busiest include MEXC, Gate.io, and OKX. Its liquidity and trading volume have further reinforced the token’s market presence on various exchanges. The number of TURBO tokens in circulation is 69 billion. Turbo’s market capitalization on the blockchain has amounted to $618 million, and its price has increased by 30.96% within the last day.

The popularity of Turbo shows how AI-driven initiatives have the potential to be highly anticipated by the cryptocurrency community. The meme coin’s future course will probably be shaped by prevailing market patterns and further community involvement as it gains popularity.

Overall, Turbo’s quick rise demonstrates the volatile and frequently surprising character of the larger cryptocurrency market. For example, the approval of the Ethereum ETF 19-b filings encouraged memecoin traders to believe that all cryptocurrency tokens will eventually be classified as commodities. But memecoins—where most, if not all, of the utility is found in their price action—are very different from native coins like Ethereum and Bitcoin.