Memecoins
Memecoin created by ChatGPT soars 2,000% to $638 million in 3 months
A memecoin created using OpenAI’the chatbot ChatGPT has soared in value, reaching a valuation of $638 million in just three months.
Named Turbo, the memecoin was developed by digital artist Rhett Mankind, who used GPT-4 to design the concept, tokenomics and smart contract. The project started with a modest budget of $69 and has since become a popular memecoin around the world. cryptocurrency space.
On May 28, Turbo’s price hit an all-time high of $0.009302, bringing its market capitalization to approximately $638 million, according to CoinGecko.
Turbo token price chart over 1 year for the. Source: CoinGecko
Over the past three months, Turbo’s market cap has grown from $27 million to over $600 million, an increase of 2,262%.
Humanity documented the creative process on X (formerly Twitter), using polls to involve the community in decisions about the project’s name and mascot. This community approach, as well as the use of innovative AI technologycontributed to Turbo’s popularity among investors.
Turbo’s success reflects a broader trend in cryptocurrency market, where memecoins are gaining ground. After a month of low activity, the memecoin market is booming, with coins like CorgiAI (CORGIAI), Turbo (TURBO), and Grok (GROK) attracting attention.
These AI-based meme coins are enjoying great popularity with investors considering these options to enhance their portfolios and earn substantial returns.
Broader memecoin trend
Memecoin mania This sector has certainly played a role in Turbo’s success. Turbo’s community-driven philosophy, innovative use of AI, and transparent distribution model have resonated with investors.
Santiment data, collected by Finbold, shows an increase in social volume, indicating increased interest from retailers. Social indicators often peak before a trend reversal, suggesting the importance of monitoring these indicators.
On May 28, Coinglass data showed that four of the top ten tokens with the highest open interest (OI) in the crypto leverage market were memecoins.
An increasing OI indicates bullish market dynamics as leveraged traders open more contracts in anticipation of price momentum.
Turbo trades on several exchanges, such as Gate.io, MEXC and OKX, boasting strong liquidity and high trading volumes. Its total circulating supply is $69 billion, with a market capitalization now exceeding $620 million.
However, investors should be aware of the risks. The hype around memecoins may fade, potentially leading to significant losses when demand declines.
As Turbo continues to capture the attention of the crypto community, its future will depend on continued community engagement and market dynamics.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.