A memecoin, known as Turbo, was created using the popular OpenAI chatbot ChatGPT and started with an initial budget of $69. After a year, it reached a valuation of $638 million.
On May 28, the price of Turbo surged to a new all-time high of $0.009302, leading to a market capitalization of approximately $638 million. This information was provided by CoinGecko, a coin information tracker.
The Turbo token experienced significant gains in the last three months, going from a valuation of $27 million to over $600 million. This represents a remarkable increase of 2,262% in market capitalization over the past 90 days.
Currently, the price of the token is around $0.009158, which is 6.9% lower than its all-time high. Nevertheless, Turbo has seen a tremendous growth of 13,192.3% compared to its all-time low of $0.00006518 in September 2023.
Rhett Mankind, a digital artist who created Turbo, believes that the token’s success can be attributed to its decentralized nature. Mankind stated on the project’s official website that the token gained popularity due to his minimal involvement in its management.
Mankind launched the Turbo memecoin in April 2023, using creative prompts to guide an AI chatbot in creating what he believed would be “the next great” memecoin.
Despite initially considering the project a joke, Mankind decided to follow through and provided instructions to the AI chatbot to achieve the goal of becoming a top 300 token on CoinGecko. He documented the entire journey of creating the memecoin, including concept development and code implementation, on a platform called X. Mankind even conducted polls on X to determine the project’s name and mascot.
In the crypto space, memecoins continue to dominate, with data from Coinglass showing that on May 28, four out of the top 10 tokens with the highest open interest in the crypto leverage market were memecoins. This list included Pepe (PEPE), Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF).
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