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Meme Coin Turbo Skyrockets From $69 To $638 Million Market Cap In Three Months

05/06/2024 16:21

According to PANews, a Meme coin named Turbo, developed with the help of OpenAI chatbot ChatGPT by digital artist Rhett Mankind, has seen its initial cost of $69 soar to a market value of $638 million within three months. However, data from Coinmarketcap shows that Turbo's market value peaked at $613 million on May 29 and has since fallen to around $430 million. Turbo originated from an experiment by Rhett Mankind, who used GPT-4 to develop the concept of the token, token economics, and smart contracts. The project widely attracted community participation, using public opinion polls on platforms like X to determine various aspects of the token, from its name to its mascot. The platform describes Turbo as a 'Meme coin built by artificial intelligence for humans,' and the use of artificial intelligence to create Turbo is a significant aspect of its appeal. Despite an initial budget of just $69, Turbo's value has skyrocketed, sparking interest in Meme coins and raising questions about the legality and sustainability of such rapid growth. While some investors see these currencies as an opportunity for substantial returns, others view them as highly volatile and risky investments due to their high volatility and lack of underlying technological advancement. However, it is clear that the hype surrounding such currencies could quickly fade, leading to significant losses.

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