Memecoin Created with ChatGPT Using $69 Skyrockets to Over $600 Billion Market Cap

A surprising star has emerged in the volatile world of cryptocurrency: a memecoin called Turbo, created with the help of OpenAI’s ChatGPT chatbot. Launched just three months ago with a shoestring budget of $69, Turbo has skyrocketed in value, reaching a market capitalization of over $600 million.

The brainchild of digital artist Rhett Mankind, Turbo stands out for its unusual origin story as its creator harnessed the power of GPT-4, an advanced AI language model, to design the memecoin’s concept, tokenomics, and even its smart contract.

This innovative approach, coupled with a community-driven development process documented on X (formerly known asTwitter), has fueled Turbo’s rapid rise, as Finbold first reported. Polls on the platform allowed users to participate in choosing the coin’s name and mascot, fostering a sense of ownership and engagement.

Turbo’s success reflects a broader trend in the cryptocurrency market: the growing popularity of memecoins, which are often inspired by internet jokes and cultural references and have seen their value skyrocket over the last few months amid a memecoin trading frenzy.

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Other memecoins that have seen stunning success over the last few months include PEPE, Grok, and CorgiAI. While the memecoin craze has played a role in the success of these cryptocurrencies, their value is ultimately derived from the community they managed to build around them.

The ChatGPT-powered meme-inspired cryptocurrency has managed to secure listings on several major cryptocurrency trading platforms, including MEXC, Gate.io, and OKX. It has a total circulating supply of 69 billion tokens and its market capitalization has been growing rapidly.

It’s worth pointing out cryptocurrency market is notoriously volatile, and the hype surrounding memecoins can be fleeting. Investors should be aware of the potential for significant losses if demand for Turbo or any other cryptocurrency wanes. The long-term viability of the project will depend on its ability to sustain community engagement and navigate the ever-shifting dynamics of the crypto market.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/05/memecoin-created-with-chatgpt-using-69-skyrockets-to-over-600-billion-market-cap/