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ChatGPT Memecoin Now Worth $618M After Being Created With Only $69

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By Erika John - - 5 Mins Read
ChatGPT logo displayed on screen
Featured Photo | cvn nanda / Shutterstock

The ChatGPT-inspired meme-coin, known as Turbo (TURBO), has seen an incredible surge in value, with a market capitalization now at $618 million.

Starting with a humble $69 budget, Turbo's value has soared by 1,460.31% over the last 30 days.

Turbo reached its peak at $0.009822 on May 28, 2024, and its lowest price of $0.00006520 was recorded on September 26, 2023.

This rapid growth can be attributed to its unique origin story and the increasing interest in AI-powered projects within the cryptocurrency community.

Also read: Whales Are Strongly Buying This ChatGPT-Influenced Token

The Creation and Rise of Turbo

Turbo was brought to life by the digital artist Rhett Mankind, who utilized GPT-4 to craft the concept, tokenomics, and smart contract for this AI-generated meme coin.

Mankind thoroughly documented the creation process and openly shared it with the community, ultimately increasing the coin's appeal and transparency.

Mankind said, "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 on how to do something, and they’re just implementing it way better than I could even do myself."

CryptoSlate reported Turbo’s market cap to be over $50 million a year ago but later dropped to around $34 million. Since then, it has risen by 2,550%.

As of now, Turbo’s is for $0.0088, significantly up from its initial value. The token’s 24-hour trading volume has exceeded $500 million, showing strong market activity and investor interest.

Factors Behind Turbo’s Success

Turbo's success can be attributed to several factors. Firstly, the hype surrounding memecoins has played a significant role.

Secondly, Turbo's community-driven approach has been instrumental.

The coin's creation involved innovative use of AI and fair distribution methods, such as tax-free transactions and renounced contract ownership, which have appealed to numerous investors.

Turbo has just 54,500 followers on X. The community’s posts emphasize that the token is “community owned” and driven by a “collective family spirit.”

Despite this, the main impact seen so far is the price increase. The token is traded on major exchanges like MEXC, Gate.io, and OKX. These platforms' high liquidity and trading volume have strengthened their market presence.

Turbo has a circulating supply of 69 billion tokens. Its on-chain market cap has reached $618 million, with a 30.96% price increase in the last 24 hours.

Community and Market Impact

Turbo's growth has been significantly influenced by its community.

The project's transparency and decentralized nature have fostered active community involvement.

This AI-generated meme coin has flourished due to the collaborative efforts of its community members. Its fair distribution model and tax-free transactions have made it an appealing investment.

Additionally, the meme coin is listed on various centralized exchanges, such as MEXC, Gate.io, and OKX, which have bolstered the token's substantial trading volume and liquidity.