How ChatGPT Helped Turbo Memecoin Rocket to $75M Market Cap
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Editing by Nathaniel Cajuday
- Rhett Mankind shared his experience as the artist who used AI chatbot ChatGPT-4 to create the Turbo meme coin with a budget of $69 and instructions to reach a top 300 rank on CoinGecko.
- Mankind involved his audience to decide on the coin’s mechanics and roadblocks and utilized the chatbot to write the smart contract code and generate all the content for the website.
- The project encountered setbacks, including a failed attempt to create a liquidity pool on Uniswap, but with community involvement and donations, the project continued, and the redeployed $TURBO now has a market cap of $76.77 million.
Rhett Mankind, a digital artist and the person behind the new emerging meme coin Turbo, shared how he utilized the artificial intelligence (AI) chatbot ChatGPT-4—the latest and most intelligent update so far—in creating Turbo from start to finish.
Mankind also interacted with his audience to address and decide on some of the coin’s mechanics and roadblocks.
“I put my artistic ego aside and I let it do all the thinking. And then, if it didn’t want to make a decision or there are too many choices and it couldn’t decide for me, then I would also include my audience,” he stated in his YouTube video, explaining the process he conducted.
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To start, Mankind said that he gave ChatGPT a budget of $69 and instructions to create a meme coin that can surpass the hype of all other meme coins and reach a top 300 rank on CoinGecko on April 24.
The chatbot then provided a list of names for the new meme coin; Mankind’s audiences chose the name TurboToad, while the image branding—which was described by ChatGPT—was generated through AI image creator MidJourney.
He also had the chatbot write the smart contract code for the project as well as the tokenomics and the whitepaper, which include mechanisms like no taxes, renounced contracts, no presale, and an anti-whale system. At the end of day 1, these were accomplished, and the development of the smart contract was 75% complete.
On the second day, Mankind had the contract audited and launched it on Etherscan. Afterward, he utilized the chatbot to generate all the content for the website and provided prompts for the generation of graphics on MidJourney.
The first attempt to launch the coins was made on day 3. According to him, deployment went smoothly; however, attempting to create a liquidity pool on Uniswap with the $69 budget failed due to a front-running bot buying up all the liquidity.
He also noted that this was a major setback and that liquidity had to be pulled, leaving no opportunity for trading. The cost to launch a liquidity pool on Uniswap was $400, causing the budget to be exhausted and leaving no remaining GPT-4 queries to determine the next steps.
Following this, Mankind asked his audience whether they concluded the experiment was a failure or to continue and just find another way, which the majority of them—78.6%—decided to continue.
On day 4, as per ChatGPT’s suggestion, he got the community involved to push through the project through donations. By the end of the day, people had also decided on the new name and ticker. The token supply was set at 69 billion, where it will be redeployed and distributed based on the percentage of ETH contributed; 60 billion will be distributed to crowd funders, with 9 billion being kept by Mankind as the founder. The site and Twitter pages were also launched.
“The next day, I redeployed the brand new token with the updated name, code and all that stuff. And then I had to go through manually sending what I had to send back to (50 donors) and that cost me like $250, and deploying again cost me $600. Expenses all up? Maybe around $1000,” he shared.
Mankind then concluded that “that was the week of a lot of work, it was a fun experiment.”
“I learned so much; I didn’t know anything about deploying a coin or anything like that, I did everything from scratch and it was launched. And I considered that to be an experiment that was successful for me. To get it to deployment was beyond what I thought it could even do,” the artist stated.
Mankind then expressed that he looks forward to continuing the experiment with the founder’s coins that he received.
“I want to continue the experiment cause it’s interesting, I’ve never seen this done before. I want to continue doing it. There’s lots that can be done within this to experiment on, this could go places,” he added.
$75M Market Cap
As of this writing, the market cap of $TURBO is now $76.77 million, according to data from CoinGecko. It is currently trading at $0.00109343 and has been down by 40.9% for the last 24 hours.
Nonetheless, Turbo is about to reach its goal of being in the top 300 ranks on the platform. Currently, it is ranked #331.
On May 4, almost a week after its deployment, the market cap of the coin went past the $50 million threshold.
This article is published on BitPinas: Artist Who Used ChatGPT to Create Turbo Meme Coin Shares Experience
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.