Turbo Memecoin: Unveiling the Phenomenon Behind a Multi-Million Rise

Emerging from the collaboration with the renowned OpenAI chatbot ChatGPT and commencing with a humble $69 budget, a memecoin project surged to an astonishing $638 million valuation within a year of its inception.

Notably, on May 28, the memecoin dubbed Turbo experienced a substantial surge, reaching an unprecedented peak price of $0.009302. This surge marked a significant milestone, elevating the meme token's market capitalization to a notable $638 million, as gleaned from CoinGecko data.

The meme token underwent a remarkable surge in the past three months, catapulting from a modest $27 million valuation to beyond $600 million, illustrating an impressive 2,262% escalation in market capitalization over the preceding 90-day period.

Presently priced at approximately $0.009158, marginally below its highest point, the memecoin has surged by a striking 13,192.3% from its historical low of $0.00006518 in September 2023.

Rhett Mankind, the visionary behind Turbo, attributes the triumph of the token to its decentralized framework. Mankind underscored on the project's official portal that the token garnered immense popularity owing to his minimal intervention in its governance. In his statement:

"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."

Introduced by Mankind over a year ago, the inception of Turbo involved leveraging creative cues to steer an AI chatbot in shaping what was envisioned as a ground-breaking meme token.

Initially perceived as a jest, Turbo's creator reaffirmed his commitment to the project. Mankind persistently guided the AI chatbot toward the objective of positioning Turbo among the top 300 tokens on CoinGecko.

Mankind meticulously documented the journey of creating the memecoin, from ideation to coding, across various platforms. The digital artist even organized polls to determine the project's nomenclature and mascot.

While memecoins maintain their prominence in the crypto domain, data from Coinglass disclosed that, on May 28, four of the top 10 tokens with the highest open interest in the crypto leverage market were memecoins, featuring prominent tokens like Pepe, Dogecoin, Bonk, and Dogwifhat.