Memecoins
Memecoin created by ChatGPT for $69 is now worth $618 million as casino culture rages
Turbo (TURBO), an AI-generated memecoin, has seen a significant rise in value, increasing 1,460.31% over the past 30 days to reach a market cap of over $500 million. This remarkable growth is attributed to its unique origin and the growing interest in AI-based projects within the crypto community.
Turbo was created by digital artist Rhett Mankind, who used GPT-4 to develop the concept, tokenomics and smart contract for memecoin. The project started with a modest budget of $69 and has since become a widely recognized token in the crypto space. The memecoin creation process was documented and shared with the community, enhancing its appeal and transparency.
Rhett Mankind, the creator of TURBO, States,
“All I did was try to make it decentralized. So I don’t have control. And I think that’s where the beauty of it all comes from. It kind of blew up because I don’t run things. Everyone comes up with ideas and how to do something and they implement them much better than I could on my own.
A year ago, CryptoSlate reported that TURBO had surpassed $50 million in market capitalization before falling back to around $34 million. However, since then, the token has seen a monumental rise of 2,550%.
The token’s recent performance has been extreme, with its price reaching new all-time highs. According to the latest data, the price of Turbo is around $0.0088, which reflects a substantial increase from its initial value. The token’s 24-hour trading volume also saw a significant increase, with volume exceeding $500 million, indicating increased market activity and increased investor interest.
Turbo’s success cannot be attributed to a single factor. Besides the memecoin euphoria and increased casino culture in new crypto tokens, Turbo has no broader utility or function according to current documentation such as its four-page white paper.
Turbo cites an innovative use of AI in its creation, a community-based approach and a fair distribution model, which includes tax-free transactions and waiver of contract ownership, which likely also contributed to its popularity with investors. The project comes from 54,500 subscribers on However, the only impact apparently linked to the token is the increase in its price.
Memecoin is traded on several centralized exchanges, with MEXC, Gate.io and OKX being among the most active platforms. The liquidity of the token and the trading volume on these exchanges have further strengthened its presence in the market. The circulating supply of the token stands at 69 billion TURBO. Turbo’s market capitalization has reached $618 million as the token’s recent price action recorded a 30.96% increase in the last 24 hours.
The rise of Turbo highlights the potential for AI-powered projects to capture the imagination of the crypto community. As memecoin continues to gain traction, its future trajectory will likely be influenced by continued community engagement and broader market trends.
Overall, Turbo’s rapid rise illustrates the dynamic and often unpredictable nature of the broader crypto market. Achievements such as the approval of the 19-b filings for Ethereum ETFs can make memecoin traders optimistic that all crypto tokens will be labeled as commodities. However, there is a big difference between native coins like Ethereum and Bitcoin and memecoins, the majority, if not all, of whose utility is simply in price action.