Turbo Memecoin Skyrockets: AI-Driven Crypto Project Sees 1,460% Surge in Value

Turbo Memecoin Skyrockets: AI-Driven Crypto Project Sees 1,460% Surge in Value

Turbo, an AI-generated memecoin developed with GPT-4, has seen a phenomenal surge in value, rising 1,460.31% over the past 30 days and reaching a market capitalization of over $500 million. This significant growth is largely due to its unique creation and the burgeoning interest in AI-driven projects within the cryptocurrency community.

Digital artist Rhett Mankind, who utilized GPT-4 to design the concept, tokenomics, and smart contract for Turbo, created the memecoin. Starting with a modest budget of just $69, the project has evolved into a widely recognized token in the crypto space. The entire creation process was documented and shared with the community, adding to its transparency and appeal.

Rhett Mankind, the creator of TURBO, commented,

“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.”

A year ago, CryptoSlate reported that TURBO had surpassed a $50 million market cap before retracing to around $34 million. Since then, the token has seen an extraordinary rise of 2,550%.

Recently, TURBO’s performance has been exceptional, with its price reaching new all-time highs. According to the latest data, Turbo’s price is approximately $0.0088, marking a substantial increase from its initial value. The token’s 24-hour trading volume has also surged, exceeding $500 million, indicating heightened market activity and investor interest.

Turbo’s success is not attributable to a single factor. Beyond the general excitement around memecoins and the increased speculative trading in novel crypto tokens, Turbo lacks utility or broader function according to its four-page whitepaper.

Turbo’s innovative use of AI in its creation, a community-driven approach, and a fair distribution model—which includes tax-free transactions and renounced contract ownership—have likely contributed to its popularity among investors. The project has just 54,500 followers on X, with posts claiming the token is entirely “community-owned” and that “collective family spirit and determination are making history.” However, the main impact related to the token appears to be its price increase.

The memecoin is traded on several centralized exchanges, including MEXC, Gate.io, and OKX, where it enjoys significant liquidity and trading volume, further bolstering its market presence. The token’s circulating supply stands at 69 billion TURBO. Turbo’s on-chain market cap has reached $618 million, with a 30.96% price increase in the past 24 hours.

Turbo’s rise underscores the potential for AI-driven projects to captivate the crypto community. As the memecoin continues to gain traction, its future trajectory will likely be influenced by ongoing community engagement and broader market trends.

Overall, Turbo’s rapid ascent illustrates the dynamic and often unpredictable nature of the broader crypto market. While successes such as the approval of Ethereum ETFs might make memecoin traders optimistic about the broader classification of crypto tokens as commodities, it’s important to note the vast differences between native coins like Ethereum and Bitcoin and memecoins, where most, if not all, of the utility is derived from their price action.