AI-Generated Memecoin TURBO Surges 2,550% in a Year, Highlighting the Potential of AI-Driven Projects

Turbo (TURBO), an AI-generated memecoin, has experienced a significant surge in value, rising 1,460.31% over the past 30 days to reach a market capitalization of over $500 million.

AI-generated memecoin TURBO up 1,460% in 30 days, now a top 100 crypto

AI-generated memecoin TURBO has seen a remarkable surge in value over the past 30 days, climbing over 1,460.31% to reach a market capitalization of over $500 million, making it one of the top 100 cryptocurrencies by market cap.

The memecoin, which was created by digital artist Rhett Mankind using GPT-4, has seen a meteoric rise in value, largely driven by its unique origins and the increasing interest in AI-driven projects within the crypto community.

After documenting the memecoin’s creation process and sharing it with the community, Mankind’s efforts have paid off as TURBO has become a widely recognized token in the crypto space.

“Everything I’ve done is to try and just make it decentralized,” said Rhett Mankind, the creator of TURBO.

“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, CryptoSlate reported that TURBO had surpassed $50 million in market cap before retracing to around $34 million, but since then, the token has seen a monumental rise of 2,550%.

The token’s recent performance has been nothing short of extreme, with its price surging to new all-time highs. As of the latest data, Turbo’s price is around $0.0088, reflecting a substantial increase from its initial value. The token’s 24-hour trading volume has also seen a significant rise with over $500 million in volume, indicating heightened market activity and investor interest.

While Turbo’s success may be attributed to several factors, including memecoin euphoria and the increasing casino culture in novel crypto tokens, it’s important to note that Turbo has no utility or broader function according to current documentation, such as its four-page whitepaper.

However, the memecoin does cite an innovative use of AI in its creation, a community-driven approach, and a fair distribution model, which includes tax-free transactions and renounced contract ownership, which likely also contributed to its popularity among investors.

The project has just 54,500 followers on X, with posts claiming the token is wholly “community owned” and “collective family spirit and determination are making history.” Yet, the only impact we can observe is in the token’s price increase.

The memecoin is traded on multiple centralized exchanges, with MEXC, Gate.io, and OKX being some of the most active platforms. The token’s liquidity and trading volume on these exchanges have further bolstered its market presence. The token’s circulating supply stands at 69 billion TURBO. Turbo’s onchain market cap has reached $618 million, with the token’s recent price performance noting a 30.96% increase in the past 24 hours.

The rise of Turbo highlights the potential for AI-driven projects to capture the imagination of the crypto community. As the memecoin continues to gain traction, its future trajectory will likely be influenced by ongoing community engagement and broader market trends.

Overall, Turbo’s rapid ascent illustrates the broader crypto market’s dynamic and often unpredictable nature. Successes such as approving the 19-b filings for Ethereum ETFs may make memecoin traders bullish that all crypto tokens will be labeled as commodities. However, there is a vast difference between native coins like Ethereum and Bitcoin and memecoins, where the majority, if not all, of the utility is simply in its price action.

Mentioned in this article

Liam 'Akiba' Wright

Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

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CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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