A memecoin named Turbo, created using OpenAI’s chatbot ChatGPT with a meager budget of $69, has skyrocketed to a market cap of $638 million within a year.
On May 28, Turbo’s price hit an all-time high of $0.009302, propelling its market capitalization to approximately $638 million, as reported by CoinGecko. This remarkable surge marks a significant leap from a $27 million valuation just three months ago, representing a staggering 2,262% increase over 90 days.
Currently, Turbo’s price is slightly lower at $0.009158, down 6.9% from its peak. Nonetheless, it boasts an impressive rise of 13,192.3% from its all-time low of $0.00006518 in September 2023.
Turbo’s creator, digital artist Rhett Mankind, credits the token’s success to its decentralized approach. On Turbo’s official website, Mankind noted that the memecoin’s popularity soared due to his minimal involvement in its management. “Everyone else is coming up with ideas and how to do something and they’re just implementing it way better than I could even do myself,” Mankind stated.
Launched in April 2023, Turbo was initially a joke project. Mankind used creative prompts to guide ChatGPT in developing what he hoped would be “the next great” memecoin. Despite its humorous origins, Mankind committed to the project, documenting its journey on X (formerly Twitter), and even using polls to determine its name and mascot.
Memecoins continue to capture significant attention in the crypto world. Data from Coinglass reveals that as of May 28, four of the top ten tokens with the highest open interest in the crypto leverage market were memecoins, including Pepe, Dogecoin, Bonk (BONK), and Dogwifhat (WIF).
Turbo’s phenomenal rise from a $69 joke to a $638 million asset underscores the unpredictable and dynamic nature of the cryptocurrency market. As memecoins maintain their grip on investor interest, Turbo’s journey highlights the potential for creativity and community-driven projects in the digital currency space.
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