Turbo (TURBO), an AI-generated meme coin, has experienced a significant rise in value over the past 30 days, increasing by 1,460.31% and bringing its market cap to over $500 million. This impressive growth is due to its unique origins and the growing interest in AI-driven projects within the cryptocurrency community.
Turbo was created by digital artist Rhett Mankind, who developed the memecoin concept, tokenomics, and smart contracts using GPT-4. The project started with a modest budget of $69 and has since evolved into a token that is widely recognized in the cryptocurrency industry. The memecoin creation process was documented and shared with the community, increasing its appeal and transparency.
As TURBO creator Rhett Mankind put it:
“Everything I've done has been about decentralizing it, so I'm not in control. And I think that's what's so great about it. It's just exploded because I'm not running things. Everybody else is just putting forward ideas and ways of doing things and executing them a lot better than I could on my own.”
one year ago, CryptoSlate TURBO's market cap was reported to have risen to around $34 million after exceeding $50 million, but since then the token has seen a staggering increase of 2,550%.
The token has performed extremely well recently, with its price reaching new all-time highs. Latest data shows Turbo is priced at approximately $0.0088, a significant increase from its initial value. The token's 24-hour trading volume has also seen a significant increase to over $500 million, indicating increased market activity and investor interest.
Turbo’s success can’t be attributed to a single factor: Current materials, such as its four-page whitepaper, suggest that beyond the euphoria of meme coins and the rise of casino culture in new crypto tokens, Turbo has no practical use or broad functionality.
Turbo cites its innovative use of AI in its creation, its community-driven approach, and a fair distribution model that includes tax-free transactions and the waiver of contract ownership, which are likely contributing to its popularity among investors. The project has just 54,500 followers on X, and claims in posts that the token is entirely “community-owned” and that “collective family spirit and determination is making history.” But the only impact that seems to be associated with the token is an increase in price.
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 further strengthens its market presence. The token has 69 billion TURBO in circulation. Turbo's on-chain market cap has reached $618 million, and the token's recent price performance has seen it increase 30.96% in the past 24 hours.
The rise of Turbo highlights the potential for AI-driven projects to capture the imagination of the cryptocurrency community. As meme coins continue to gain popularity, their future trajectory will likely depend on ongoing community engagement and broader market trends.
Overall, Turbo's surge speaks to the dynamic and unpredictable nature of the broader cryptocurrency market. Successes such as the approval of the Ethereum ETF's 19-b filing may make memecoin traders optimistic that all cryptocurrency tokens will be classified as commodities. However, there is a big difference between native coins such as Ethereum and Bitcoin and memecoins. Most (if not all) of a memecoin's utility lies simply in its price fluctuations.
