ChatGPT's $69 memecoin now worth $618M
Turbo (TURBO), a memecoin crafted through artificial intelligence, has witnessed an astonishing climb in its value, with a 1,460.31% increase over the preceding month, pushing its market valuation above the $500 million mark. This impressive escalation is credited to its innovative genesis and the burgeoning enthusiasm for AI-centric ventures among cryptocurrency enthusiasts.
The inception of Turbo was spearheaded by digital creator Rhett Mankind who harnessed the capabilities of GPT-4 to flesh out the coin's concept, economic model, and the underlying smart contract. Originating from a humble investment of $69, this venture has burgeoned into a notable entity in the cryptocurrency realm. The process of Turbo’s creation made public to the community, has further augmented its charm and sincerity.
In the words of Rhett Mankind, Turbo’s architect,
“My endeavor was always towards fostering a decentralized ecosystem. I don't hold the reins. That, I believe, is where its true allure lies. Its growth was spontaneous, propelled by the community's innovative ideas and execution, which surpassed my abilities.”
Merely a year back, CryptoSlate disclosed that TURBO had excelled past a $50 million market capitalization before dipping to about $34 million. Nonetheless, the currency has since reported a colossal ascent of 2,550%.
The recent rallies of the token have been extraordinary, with its value hitting unprecedented peaks. Presently, Turbo's valuation stands near $0.0088, marking a significant upsurge from its introductory price. Further, the token's 24-hour trade volume has surged to over $500 million, highlighting robust market dynamics and investor engagement spike.
The factors behind Turbo’s ascendancy are multifaceted. Beyond the frenzy around memecoins and the burgeoning gambling ethos in new crypto assets, Turbo lacks practical application or extended functionality per its terse, four-page whitepaper.
Turbo's acclaim is partly derived from its novel inception via AI, its community-led growth model, and an equitable distribution strategy encompassing zero transaction taxes and the relinquishment of contract ownership, which play a significant role in attracting investment. With just 54,500 followers on X, the project emphasizes its "community ownership" and the collective resolve driving its historical trajectory, despite the sole discernible impact being its appreciating value.
Actively traded across several centralized exchanges including MEXC, Gate.io, and OKX, Turbo's liquidity and trading volume on these platforms have significantly enhanced its market stance. With a circulating supply of 69 billion TURBO, the on-chain market cap has ascended to $618 million, with a notable 30.96% upturn observed in the last 24 hours.
Turbo’s journey underscores the potential of AI-infused projects to captivate the crypto community's imagination. As the memecoin continues its upward trajectory, its direction will likely be shaped by sustained community involvement and the overarching market sentiment.
Ultimately, Turbo’s swift rise mirrors the volatile and unpredictable essence of the wider crypto market. While certain developments, such as the approval of Ethereum ETFs, may instill optimism among memecoin traders about a blanket commodification of all crypto tokens, a glaring discrepancy remains between utility-driven cryptocurrencies like Ethereum and Bitcoin, and memecoins, whose worth predominantly resides in their market performance.
