ChatGPT Crafted Memecoin Surges, Hits $638M Market Cap
Crypto News- A memecoin created using the popular OpenAI chatbot ChatGPT with an initial budget of $69 reached a valuation of $638 million over a year after it was first deployed.
Remarkable Growth in Three Months
On May 28, prices for the memecoin called Turbo surged to a new all-time high of $0.009302. This boosted the meme token’s market capitalization to about $638 million, according to coin information tracker CoinGecko. The meme token saw significant gains in the last three months, catapulting from a $27 million valuation to over $600 million. This indicates a 2,262% increase in market capitalization over the past 90 days.
Currently, the token’s price hovers around $0.009158, which is 6.9% lower than its all-time high. However, the memecoin is up by 13,192.3%, compared to its all-time low of $0.00006518 in September 2023.
Digital artist Rhett Mankind, the creator of Turbo, believes that the token’s success can be attributed to its decentralized nature. On the project’s official website, Mankind mentioned that the token “exploded in popularity” due to his lack of involvement in its management. Mankind wrote:
“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.” Mankind created the Turbo memecoin in April 2023. The digital artist used creative prompts to guide the artificial intelligence (AI) chatbot in making what he described as “the next great” memecoin. While Mankind initially described the project as a “joke,” the Turbo creator said on X that he would follow through. Mankind continued to give the AI chatbot instructions to reach the goal of being a top 300 token on CoinGecko.
The Rise of Memecoins
From creating the concept to developing the code, Mankind documented the journey of making the memecoin on X. The digital artist even facilitated X polls to decide the project’s name and mascot. Meanwhile, memecoins continue to dominate the crypto space, according to data from Coinglass. On May 28, 4 out of the top 10 tokens with the highest open interest in the crypto leverage market were memecoins. The list included meme tokens Pepe (PEPE) and Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF).
Frequently Asked Questions about Turbo Memecoin
What is Turbo Memecoin?
Turbo Memecoin is a cryptocurrency created using the OpenAI chatbot ChatGPT. It started with an initial budget of $69 and has gained significant traction in the crypto market.
How did Turbo Memecoin achieve such a high valuation?
Turbo Memecoin saw remarkable growth over the past year, surging from a modest start to a valuation of $638 million. This growth can be attributed to its decentralized nature and the community’s enthusiasm for the project.
Who is behind the creation of Turbo Memecoin?
Turbo Memecoin was created by digital artist Rhett Mankind. He utilized creative prompts to guide the AI chatbot in developing what he envisioned as “the next great” memecoin.
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