Did a ChatGPT Memecoin Reach $31 Million in Market Cap?

The potential of the popular artificial intelligence tool, ChatGPT seems to be limitless. The relatively new project has taken over the globe and has emerged in importance in no time. This particular tool has aided the digital asset market by predicting the possible rises and falls that cryptocurrencies could endure. However recently, an artist decided to stretch ChatGPT’s limits by employing the AI tool to create a meme coin.

TURBO, a meme cryptocurrency was rolled out as an experiment by Rhett Dashwood. The artist created this coin with just $69 and no prior experience in coding or formulating a cryptocurrency. Dashwood noted that this was a mere joke, however, he decided to move forward with the instructions given by ChatGPT.

The name of the project was also suggested by ChatGPT along with several other options to choose from. Dashwood’s Twitter followers decided to go with the name TurboToad. After naming the coin’s mascot, a figure dubbed Quantum Leap, the artist enlisted the aid of Midjourney to design the logo. He again asked his followers to vote for their favorite mascot picture.

His followers ultimately decided on a whimsical, Pixar-style picture of a yellow-orange toad creature donning a spacesuit. Additionally, the artist asked ChatGPT to design every part of the coin which includes, branding, coding the smart contract, tokenomics, crowdsourcing funds, and launching the coin.

The big launch

Sadly, the launch did not go as intended. The artist concluded that it was the end of the line after a botched launch of TurboToad in which bots swooped in and ruined the experiment by grabbing up the majority of the liquidity pool. This further increased the price out of proportion and prevented him from adding further liquidity to the project. At this time, he had lost close to $600 and he lacked the money to attempt again.

Following this, he once again reached out to ChatGPT to aid him in crowdfunding the project. This proved to be successful and he even named the token Turbo [TURBO].

By this time, Dashwood decided that he was done with this experiment. Therefore, he urged the community to decide what to do with the asset as he did not entail a major stake in the project.

Declining NFT volume prompted Dashwood to create the crypto asset

The artist’s assessment of the existing condition of the crypto art or NFT space reportedly resulted in this idea. In a recent YouTube video, Dashwood stated,

“I’ve been in crypto art for quite a few years, and this year has been absolutely dead for trying to sell digital art.”

NFTs have undoubtedly taken a backseat causing immense damage to their creators. Following the NFT wave, several artists rose to fame and bagged prominent gains. However, the scenario is quite the opposite at the moment.

Here’s how this ChatGPT-aided meme coin is currently faring

According to a recent tweet by Loopify, the market cap of the meme coin is $31 million. However, other details of the asset haven’t been confirmed on any credible crypto data aggregators yet.

Nevertheless, the asset has started to make the rounds and has gained quite some popularity on social media. PEPE has just started to make noise, and many believe that TURBO could soon outshine the former. Several others are sure to follow in the footsteps of Dashwood and create their own meme coins. However, the community is urged to be wary and examine the credibility of a project before investing funds.