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. This remarkable growth is attributed to its unique origin and the increasing interest in AI-driven projects within the crypto community.
Turbo was created by digital artist Rhett Mankind, who utilized GPT-4 to develop the concept, tokenomics, and smart contract for the memecoin. The project began with a modest budget of $69 and has since evolved into a widely recognized token within the crypto space. The memecoin’s creation process was documented and shared with the community, enhancing its appeal and transparency.
Rhett Mankind, the creator of TURBO, states,
“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, CryptoSlate reported that TURBO had surpassed $50 million in market cap before retracing to around $34 million. However, since then, the token has seen a monumental rise of 2,550%.
The token’s recent performance has been extreme, with its price reaching 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.
Turbo’s success cannot be attributed to any single factor. Other than memecoin euphoria and increased casino culture in novel crypto tokens, Turbo has no utility or broader function according to current documentation such as its four-page whitepaper.
Turbo cites 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 seemingly related to the token is its 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.
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