The price of memcoin Turbo (TURBO), created using the popular artificial intelligence (AI) chatbot ChatGPT, has reached a new all-time high of $0.009744.
A year after its launch, the market value of the “meme” coin with a budget of $69 reached $540 million.
TURBO Market Dynamics
According to CoinGecko, over the past month the TURBO rate has soared by 1,283%. Yesterday, May 28, the asset broke through the absolute maximum (ATH). But since then, memcoin quotes have rolled back by 18% and at the time of writing it is trading at $0.007767.
With the achievement of ATH, TURBO's capitalization reached $638 million. Currently, the figure is $544 million, and the daily trading volume exceeds $390 million.
Turbo currently ranks 15th in the ranking of the largest memcoins by market value. The sector is led by Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE).
The meme coin is available for trading on several major cryptocurrency exchanges, including OKX, MEXC and Gate.io.
Against the backdrop of the active growth of TURBO, Lookonchain analytics noticed on a trader who lost $658 thousand on memcoin and missed a golden opportunity. In May 2023, leishen.eth spent $1.14 million to buy Turbo and sold the coins at a loss five days later. If he had held the assets to the ATH, he could have earned over $4 million.
First AI-created memecoin
According to the digital artist behind the token, Rhett Mankind at X (formerly Twitter), TURBO's success lies in its decentralized nature. As they say on official website project, the explosion in popularity of memcoin arose due to the fact that the creator does not take any part in the management of the coin.
The Turbo team positions the coin as “a memecoin created by AI for people.” Source: turbotoken.io
Turbo appeared in April 2023. The digital artist detailed the entire process of creating a “meme” coin using ChatGPT in this thread.
In short, Rhett Mankind asked a chatbot to create the “next great memecoin” and simply followed all the recommendations that the artificial intelligence gave it. ChatGPT developed the project concept, tokenomics, WhitePaper and code.
The artist was helped in choosing the name and logo of the project by his subscribers, who ultimately voted for the frog.
Turbo's significant successes are not due to one specific reason. The positive dynamics could have been influenced by both the general excitement around memcoins and the community’s speculative bets on the ChatGPT token created.
Source: Cryptocurrency
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