Turbo (TURBO), an AI-generated memecoin, has seen a remarkable increase in value, soaring 1,460.31% in the past 30 days to achieve a market cap exceeding $500 million. This surge is attributed to its unique origin and the growing interest in AI-driven projects within the crypto community.

Digital artist Rhett Mankind created Turbo using GPT-4 to design the concept, tokenomics, and smart contract. Starting with a budget of $69, the project has grown significantly and gained substantial recognition in the crypto space. The creation process was shared with the community, enhancing its appeal and transparency.

Rhett Mankind, TURBO’s creator, stated,

“Everything I’ve done is to try and just make it decentralized. So I’m not in control. And I think that’s where the beauty of this came from. It sort of blew up because I’m not running things. 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.”

A year ago, CryptoSlate reported that TURBO’s market cap had peaked at $50 million before declining to around $34 million. Since then, the token has experienced a staggering 2,550% increase.

Turbo’s recent performance has been exceptional, reaching new all-time highs. The latest data shows Turbo priced at around $0.0088, a significant rise from its initial value, with a 24-hour trading volume exceeding $500 million, reflecting increased market activity and investor interest.

Turbo’s success is not due to a single factor. Apart from memecoin enthusiasm and the increasing popularity of novel crypto tokens, Turbo has no utility or broader function according to its documentation, such as its four-page whitepaper.

Turbo’s innovative use of AI in its creation, a community-driven approach, and a fair distribution model, including tax-free transactions and renounced contract ownership, have likely contributed to its popularity. The project has 54,500 followers on X, with posts emphasizing the token as “community-owned” and driven by a “collective family spirit and determination.” However, its primary impact appears to be its price increase.

The memecoin is traded on multiple centralized exchanges, including MEXC, Gate.io, and OKX, with significant liquidity and trading volume bolstering its market presence. Turbo has a circulating supply of 69 billion tokens and an on-chain market cap of $618 million, with a 30.96% price increase in the past 24 hours.

Turbo’s rise underscores the potential for AI-driven projects to capture the crypto community’s interest. Its future trajectory will likely depend on ongoing community engagement and broader market trends.

Overall, Turbo’s rapid ascent illustrates the dynamic and unpredictable nature of the crypto market. While successes like the approval of Ethereum ETFs may make memecoin traders optimistic about all crypto tokens being labeled as commodities, there remains a substantial difference between native coins like Ethereum and Bitcoin and memecoins, whose utility is primarily in their price action.