From $69 to $638 Million: Turbo Memecoin's Skyrocketing Journey in a Year
Summary:
Turbo, a memecoin developed using the OpenAI chatbot ChatGPT, surged from an initial $69 budget to a valuation of $638 million just over a year. The decentralized digital currency recorded a 2,262% rise in market capitalization in the past 90 days. Turbo's success is credited to its creator, digital artist Rhett Mankind's non-interfering approach to its management and development.
Turbo, a memecoin utilizing the well-known OpenAI chatbot ChatGPT, which was launched with an initial capital of $69, has acquired a staggering worth of $638 million just over one year post its inception. Turbo's value sky-rocketed to a record-breaking high of $0.009302 per coin on May 28, propelling its overall market capitalization to an impressive $638 million, as cited by CoinGecko, the coin data tracking service. Turbo token’s 1-year price graph is depicted in the source by CoinGecko. The meme-oriented digital coin has made substantial profits over the past quarter, soaring from a $27 million valuation to in excess of $600 million, marking an impactful 2,262% growth in market capitalization within the last 90 days. At the moment, Turbo's price stands approximately at $0.009158, which is marginally 6.9 % under its highest ever value. Besides, compared to its lowest-ever value of $0.00006518 in September 2023, the memecoin has escalated by a staggering 13,192.3 %. Rhett Mankind, the digital artist and creator of Turbo, attributes this phenomenal growth of the digital token to its decentralized operations. As per the project’s official webpage, Mankind underlines that his non-interference in token's management mechanisms led to an unexpected surge in its popularity. Mankind elucidates, "Ideas and improvements are being suggested and implemented by everyone, greatly exceeding my own capabilities.” A year ago, Mankind rolled out the Turbo memecoin. He used creative cues for the AI chatbot to shape the 'next big' memecoin, as he defined it. Mankind originally called the project a 'joke,' but on platform X, he stated that he was committed to its success and nourished the AI chatbot with guidance to attain a spot in the top 300 tokens on CoinGecko. The entire journey of creating this memecoin, right from conceptualizing it to coding its foundation, was chronicled on platform X by Mankind; he even conducted X polls to decide the project's name and its mascot. Meanwhile, the popularity of memecoins in the cryptocurrency arena is multiplying, according to statistics from Coinglass. On May 28, out of the top ten tokens seeing the most open interest in the crypto leverage market, four were memecoins including Pepe (PEPE), Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF). Related: Magazine regarding usage of real AI in cryptocurrency, featuring No. 3: Auditing smart contracts & cybersecurity.
Published At
5/28/2024 2:59:45 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.