Turbo memecoin has surged more than 2,000% in the past three months, with a market cap of more than $600 million.
Turbo, a memecoin created using the popular OpenAI chatbot ChatGPT, started with a market cap of just $69 and is now valued at $638 million, more than a year after it was first deployed.
The price of a memecoin called Turbo surged to an all-time high of $0.009302 on May 28. That boosted the meme token’s market value to about $638 million, according to coin tracker CoinGecko.
Turbo Token 1-year price chart. Source: CoinGecko
The meme token has seen a massive surge in the past three months, with its valuation surging from $27 million to over $600 million. This represents a 2,262% increase in market capitalization over the past 90 days.
Currently, the token’s price is hovering around $0.009158, which is 6.9% below its all-time high. However, compared to its all-time low of $0.00006518 in September 2023, memecoin has risen by 13192.3%.
Digital artist Rhett Mankind, the creator of Turbo, attributes the token’s success to its decentralized nature. Mankind mentioned on the project’s official website that the token has “surged in popularity” because he has no role in the project’s governance. Mankind wrote:
"Other people are coming up with ideas and solutions, and their implementation results are even better than mine."
Mankind created the Turbo memecoin in April 2023. The digital artist used creative prompts to guide an artificial intelligence (AI) chatbot to produce what he describes as the "next great" memecoin.
While Mankind initially described the project as a “joke,” the Turbo creator said on X that he would see it through. Mankind continues to give instructions to the AI chatbot to achieve its goal of becoming a top 300 token on CoinGecko.
From creating the concept to developing the code, Mankind documented the process of making memecoin on X. The digital artist even facilitated a vote on X to decide on the project’s name and mascot.
Meanwhile, memecoin continues to dominate the cryptocurrency space, according to Coinglass data. On May 28, four of the top 10 tokens with the highest open interest in the crypto leverage market were memecoins. The list includes meme tokens $PEPE , $DOGE , and $BONK .
Article reprinted from: cointelegraph