#Memecoin coded by #ChatGPT reaches a market capitalization of USD 638 million
Memecoin #Turbo rose more than 2,000% in the last three months, raising its market capitalization above USD 600 million
A memecoin created using OpenAI's popular chatbot ChatGPT, with an initial budget of $69, reached a valuation of $638 million more than a year after its initial deployment.
On May 28, prices of the memecoin called Turbo reached a new all-time high of $0.009302. This boosted the meme token's market capitalization to around $638 million, according to coin information tracker CoinGecko.
The meme token has seen significant gains over the past three months, going from a valuation of $27 million to over $600 million. This indicates a 2,262% increase in market capitalization in the last 90 days.
Currently, the price of the token is around USD 0.009158, which is 6.9% less than its all-time high. However, the memecoin is up 13,192.3% compared to its all-time low of $0.00006518 in September 2023.
Digital artist Rhett Mankind, creator of Turbo, believes the token's success is due to its decentralized nature. On the project's official website, Mankind mentioned that the token “exploded in popularity” due to his lack of involvement in its management. Mankind wrote:
“Everyone else is coming up with ideas and how to do something, and they're implementing it much better than I could do it myself.”
Mankind created the Turbo memecoin over a year ago. The digital artist used creative prompts to guide the artificial intelligence (AI) chatbot in creating what he described as “the next big” memecoin.
