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Memecoin made by ChatGPT for $69 is now worth $618 million as casino culture rages
Turbo (TURBO), an AI-generated memecoin, has seen a significant increase in value, rising 1,460.31% over the past 30 days to reach a market capitalization of over $500 million. This notable 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 evolved into a widely recognized token in the cryptocurrency industry. The memecoin creation process was documented and shared with the community, improving its attractiveness and transparency.
Rhett Mankind, the creator of TURBO, States,
“All I did was try to make it decentralized. So I’m not in control. And I think that’s where the beauty of it all comes from. In a way it exploded because I’m not the one running things. Everyone else has ideas and how to do something and they’re just implementing it much better than I could myself.
One year ago, CryptoSlate reported that TURBO had surpassed $50 million in market capitalization before recovering to around $34 million. However, since then, the token has seen a monumental increase 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 Turbo’s price is around $0.0088, reflecting a substantial increase over its initial value. The token’s 24-hour trading volume also saw a significant increase with volume exceeding $500 million, indicating an intensification of market activity and investor interest.
Turbo’s success cannot be attributed to any single factor. Aside from the euphoria of memecoins and the rise of casino culture in new crypto tokens, Turbo has no broader utility or function according to current documentation such as its four-page whitepaper.
Turbo cites an innovative use of artificial intelligence in its creation, a community-driven approach, and a fair distribution model, which includes tax-free transactions and waiving contractual ownership, which also likely contributed to its popularity among investors. The project has just 54,500 followers on However, the only impact seemingly related to the token is the increase in its price.
Memecoin is traded on multiple centralized exchanges, with MEXC, Gate.io, and OKX being some of the most active platforms. The token’s liquidity and trading volume on these exchanges have further strengthened its presence in the market. The circulating supply of the token is equal to 69 billion TURBO. Turbo’s onchain market capitalization has reached up $618 million, with the token’s recent price performance seeing an increase of 30.96% in the last 24 hours.
The rise of Turbo highlights the potential for AI-driven 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 cryptocurrency market as a whole. Successes such as the approval of Statement 19-b for Ethereum ETFs could 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, where most, if not all, of the utility simply lies in its price action.