ChatGPT-coded memecoin reaches $638M market cap

Turbo Memecoin Surges to $638 Million Valuation, Powered by ChatGPT

A memecoin created using the popular OpenAI chatbot ChatGPT, with an initial budget of $69, has achieved a valuation of $638 million over a year after its deployment.

On May 28, the price of the Turbo memecoin reached a new all-time high of $0.009302. This propelled its market capitalization to an impressive $638 million, according to CoinGecko.

1-year price chart for the Turbo token. Source: CoinGecko

Over the past three months, the meme token has experienced remarkable growth, soaring from a valuation of $27 million to over $600 million. This represents an astonishing 2,262% increase in market capitalization within 90 days.

Currently, the token's price stands at approximately $0.009158, a slight decline of 6.9% from its peak. However, it remains a significant 13,192.3% above its all-time low of $0.00006518, reached in September 2023.

Rhett Mankind, the digital artist behind Turbo, attributes the token's success to its decentralized nature. On the project's website, he notes that its popularity has flourished due to his limited involvement in its management.

"Everyone else is coming up with ideas and implementing them far better than I could myself," Mankind stated.

Mankind initially conceived Turbo over a year ago, leveraging creative prompts to guide the ChatGPT AI chatbot in creating what he envisioned as "the next great" memecoin.

Source: Rhett Mankind

Although initially dismissing the project as a "joke," Mankind remained committed to his goal of establishing Turbo as a top 300 token on CoinGecko. Throughout the development process, he documented his journey on social media platforms and facilitated community polls to gather feedback on the project's name and mascot.

Meanwhile, memecoins continue to dominate the cryptocurrency landscape, with data from Coinglass indicating that on May 28, four out of the top 10 tokens with the highest open interest in the crypto leverage market were memecoins, including Pepe (PEPE), Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF).