The meme-coin market is buzzing with excitement following the AI-assisted Turbo (CRYPTO: TURBO) meme coin's rise to a market capitalization of over $30 million in its first week.

In April, Rhett Mankind, a digital artist, took to Twitter to disclose how he used ChatGPT and a $69 budget to conceive a meme coin capable of outperforming its rivals and securing a position among CoinGecko's Top 300, Cryptoslate reported.

In a YouTube video shared last week, Mankind explained that ChatGPT was hugely instrumental in selecting the meme coin's name, branding, smart contract code. After a Twitter poll was conducted, TurboToad emerged as the top name of choice generated by the chatbot. Mankind then enlisted the help of Midjourney to design the mascot.

Also Read: Crypto Analyst Reveals The Secret Formula Behind Making Serious Profit Off Meme Coins Like PEPE

As Mankind noted on Twitter, ChatGPT took on the responsibility of formulating the project's tokenomics and whitepaper. The paper highlighted items such as zero taxes, a renounced contract, no presale, and an anti-whale provision.

Although Mankind admitted that he encountered challenges while utilizing ChatGPT to develop a smart contract, the AI tool ultimately produced a code that was tested and verified by a handful of followers. The code was then implemented, he said.

While the project's DEX launch initially ran into roadblocks as bots cornered most of the liquidity pool, ChatGPT offered various ways to move the project forward, including though crowdfunding, social media campaigns, and airdrops, Mankind said. 

Turbo eventually debuted with a token supply of 69 billion, publicly allocating 60 billion while Mankind retained the remainder.

Crypto Exchanges Embrace Turbo

TURBO's successful launch has captured the attention of multiple crypto influencers, generating increasing interest.

The project maintains an impressive social media presence, amassing over 10,000 Twitter followers and an active Discord community.

With the number of holders exceeding 9,000 and a 24-hour trading volume surpassing $30 million (according to CoinGecko), Turbo has gained recognition from crypto exchanges like MEXC and LBank, both of which have the token listed.

Turbo traded at $0.0.00198 at the time of writing. Its market cap reached a high of over $50 million on May 3, but Dextools data recently indicated a drop to around $34.6 million.

Read Next: PEPE And FLOKI Join Binance: Will These Meme Coins Dethrone Dogecoin, Shiba Inu?

Image: Shutterstock