Meme Coin Made By ChatGPT Surges Over 2,000% In 3 Months

A meme coin conceived through the application of ChatGPT has seen a remarkable surge in value, obtaining a valuation of $638 million within a mere three months. Dubbed Turbo, this meme coin was crafted by digital artist Rhett Mankind, who employed GPT-4 to devise the concept, tokenomics, and smart contract. Originating with a modest budget of $69, the project has blossomed into a prominent meme coin within the crypto realm.

On May 28th, Turbo experienced an unprecedented price surge, hitting an all-time high of $0.009302, propelling its market capitalization to approximately $638 million, as per CoinGecko. Over the last three months, its market capitalization has surged to over $600 million, marking a staggering 2,262% increase.

Meme Coins Keep Coming

Mankind chronicled the development journey on X, engaging the community through polls to decide on various factors such as the name for the project and its mascot. This community-centric approach, coupled with the clever utilization of cutting-edge AI technology, has contributed to overall investor appeal.

Moreover, the triumph of Turbo mirrors a broader trend in the cryptocurrency sphere, where meme coins are rapidly gaining traction. Following a period of subdued activity, the meme coin market is now thriving, with coins like CorgiAI (CORGIAI), Turbo (TURBO), and Grok (GROK) garnering attention.

These AI-fueled meme coins have garnered significant popularity, with investors eyeing them to diversify their portfolios and potentially secure substantial returns.

A Community-Centric Approach

The enthusiasm within the meme coin sector has undoubtedly played a role in Turbo becoming a success. Its community-driven ethos, innovative AI integration, and transparent distribution model have resonated with investors. Data by Santiment indicates a surge in social volume, signaling heightened retail interest. Social metrics often peak prior to a trend reversal, underscoring the importance of monitoring such indicators.

On May 28th, Coinglass data revealed that four of the top ten tokens with the highest open interest (OI) in the crypto leverage market were meme coins.

An expanding OI suggests bullish momentum in the market, as leverage traders initiate more contracts in anticipation of price movement. Turbo is traded across multiple exchanges, including Gate.io, MEXC, and OKX, boasting robust liquidity and trading volumes. Nevertheless, investors should remain cognizant of the associated risks. The hype surrounding meme coins can wane, potentially resulting in significant losses when demand diminishes.