An AI-generated memecoin called Turbo (TURBO) has seen a massive surge in value, increasing by 1,460.31% in the last 30 days to surpass a market capitalization of $500 million. The impressive growth of Turbo is attributed to its unique origin and the growing interest in AI-driven projects within the crypto community.
Turbo was created by digital artist Rhett Mankind, who used GPT-4 to develop the concept, tokenomics, and smart contract for the memecoin. Starting with a budget of $69, Turbo has evolved into a well-known token in the crypto space. The creation process of the memecoin was transparently shared with the community, enhancing its appeal.
Rhett Mankind, the creator of TURBO, emphasized the decentralized nature of the project, stating, “Everything I’ve done is to try and just make it decentralized. So I’m not in control. And I think that’s where the beauty of this came from. It sort of blew up because I’m not running things. 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.”
A year ago, Turbo surpassed $50 million in market cap before dropping to around $34 million. However, the token has since seen a remarkable rise of 2,550%.
Turbo’s recent performance has been exceptional, with its price hitting new all-time highs. Currently priced at around $0.0088, Turbo has experienced substantial growth from its initial value. The token’s 24-hour trading volume has also increased significantly, exceeding $500 million, showcasing heightened market activity and investor interest.
Turbo’s success can be credited to various factors such as memecoin hype, increased crypto token speculation, and its unique use of AI in creation. The memecoin also boasts a community-driven approach and a fair distribution model with tax-free transactions and renounced contract ownership.
With 54,500 followers on X, Turbo claims to be “community-owned” with a “collective family spirit and determination making history,” although its impact appears to be primarily reflected in its price increase.
Turbo is traded on several centralized exchanges including MEXC, Gate.io, and OKX, which have contributed to its liquidity and trading volume. With a circulating supply of 69 billion TURBO, the token’s on-chain market cap has reached $618 million, seeing a 30.96% increase in price in the last 24 hours.
The rise of Turbo showcases the potential for AI-driven projects to attract the attention of the crypto community. As Turbo gains momentum, its future trajectory will likely be influenced by ongoing community engagement and broader market trends.
Turbo’s rapid rise underscores the dynamic and unpredictable nature of the crypto market. While successes like the approval of Ethereum ETFs may fuel optimism among memecoin traders, it is essential to recognize the distinction between native coins like Ethereum and Bitcoin and memecoins, where utility is primarily derived from price action.
