A large holder of the Pepe memecoin styled on the Pepe the Frog cartoon has a new trade — a token created by using OpenAI's ChatGPT language model for $69 called Turbo.
A whale who has earned $14.5 million trading Pepe has been buying Turbo since May 3, according to on-chain data analyzed by Lookonchain. The trader is in the green, having bought 1.38 billion Turbo tokens for $977,000 that are now currently worth around $1.9 million.
"This whale was not an early buyer of $PEPE, but he kept buying $PEPE from Apr 19 to 27 when the price of $PEPE was depressed," Lookonchain wrote on Twitter. "So is he buying $TURBO because he knows something we don't?"
Turbo token surge comes amid fresh memecoin craze
The action is the latest in a fresh memecoin craze that has some wondering if crypto winter may be ending. Trading in the tokens is obviously risky, and decentralized exchange Uniswap currently has a warning posted about the token. That hasn't stopped it from surging 53.4% over the past 24 hours, according to DexScreener.
Turbo was launched last month, with its developer saying on Twitter that the memecoin was "built from scratch with ChatGPT-4."
The project's whitepaper details a budget of $69, a total supply of 69 billion tokens and says the memecoin "aims to establish itself as a leading meme coin with a unique identity and a strong focus on simplicity, fairness, and community engagement."
The token has more than doubled in price since trading ramped up earlier this month, and it currently has a market cap of $94.5 million, according to CoinMarketCap, which would place it among the top 10 memecoins.
Turbo's volume over the past 24 hours reached $141.8 million to make it the third-most traded memecoin behind Pepe and Dogecoin. The token pulled ahead of Shiba Inu in terms of volume traded on Tuesday.
(Updates prices throughout.)
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