Created with an initial budget of $69 using the popular OpenAI chatbot ChatGPT, Memecoin has reached a valuation of $638 million a year after it was first distributed.
On May 28, the price of a memecoin called Turbo surged to a new all-time high of $0.009302. This brought the meme token’s market capitalization to about $638 million, according to coin information tracking company CoinGecko.
The meme token has seen significant gains over the past three months, with its valuation soaring from $27 million to more than $600 million. This represents a 2,262% increase in market capitalization over the last 90 days.
The token price is currently hovering around $0.009158, which is 6.9% below its all-time high. However, Memcoin is up 13,192.3% compared to its all-time low of $0.00006518 in September 2023.
Turbo’s creator, digital artist Rhett Mankind, believes the token’s success can be attributed to its decentralized nature. On the project’s official website, Mankind noted that the token “exploded in popularity” because he had no involvement in its management. Humanity wrote:
“Everyone else is coming up with ideas and ways of doing things and implementing them much better than I can do myself.”
humanity made April 2023 Turbo memecoin. A digital artist used creative prompts to guide an artificial intelligence (AI) chatbot to create the “next great” memecoin.
Mankind initially described the project as a “joke”, but Turbo’s creators said In X he will follow. Humanity continued to provide guidance to the AI chatbot to achieve its goal of becoming a top 300 token on CoinGecko.
From concept creation to code development, Humanity has documented the journey of creating a memecoin in X. Promotion X votes to decide the project name and mascot.
Related: YouTube co-founder supports Memecoin as platform’s ‘first cat’
Meanwhile, memecoins continue to dominate the cryptocurrency space, according to data from Coinglass. On May 28, four of the top 10 tokens with the highest open interest in the cryptocurrency leveraged market were MEMCOIN. The list included meme tokens Pepe (PEPE), Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF).
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