• Tue. Jun 25th, 2024

Growing US Trend: Turbo Memecoin Surges 25%

Steve Kornacki

BySteve Kornacki

May 10, 2024
Growing US Trend: Turbo Memecoin Surges 25%

Turbo Token Surges 40% in 24hrs

Turbo (TURBO), an AI-powered memecoin, has achieved a surge of 25% within the past 24 hours amidst the growing trend of memecoins in the United States. This surge comes a week after TURBO’s value increased by over 100%. 

At the time of reporting, TURBO is trading at $0.001035, boasting a market capitalization surpassing $70 million. The brainchild of digital artist Rhett Mankind, Turbo Token was conceived as an experiment in cryptocurrency development utilizing artificial intelligence. 

Following the token’s creation, Mankind launched its website, established its X account, and deployed the token, thus forming a liquidity pool. However, a bot swiftly depleted the pool, highlighting the challenge of limited funds due to initial budget constraints. 

In response, Mankind turned to AI for alternative funding solutions, ultimately opting for community crowdfunding. Under the new setup, Turbo Token boasts a total supply of 69 billion tokens, with Mankind holding 9 billion.

Notably, the highest individual pledge didn’t exceed $300 in Ethereum (ETH), resulting in a total crowdfunding amount of $6,669. TURBO is listed on over 30 crypto exchanges, including prominent platforms like HTX, Gate.io, OKX, and Bitget. 

Its recent surge aligns with a broader uptick in the memecoin market, which witnessed a 3.7% increase over the past 24 hours, just as the global crypto market gained 2.3% within the same period. 

Trump-themed MAGA Memecoin Surges in Price 

Meanwhile, the cryptocurrency market saw a surge in politically themed memecoins. The standout performer was MAGA (TRUMP), a token that is an acronym of the slogan “Make America Great Again,” popularized by Republican presidential candidate Donald Trump. 

On May 9, MAGA surged by up to 78%, reaching a trading price of $6, marking a 46% increase over the previous 24 hours. This surge was in response to Trump’s recent comments regarding cryptocurrencies.

During an NFT dinner hosted at the Mar-a-Lago resort in Palm Beach, Florida, Trump expressed his support for cryptocurrencies, stating that his campaign team would accept crypto donations. He assured attendees he was pro-crypto and criticized the current US administration, claiming they were against the industry. 

Following Trump’s comments, MAGA experienced a surge in trading volume, skyrocketing by 620% to $281.8 million over 24 hours. With a market capitalization of $261.3 million at the time of writing, MAGA climbed to the 13th position among memecoins by market capitalization, according to CoinGecko.

Politically Themed Memecoins Rally

But MAGA wasn’t the only politically linked token to experience a surge. Other tokens like Donal Tremp (TREMP), dedicated to Donald Trump, recorded triple-digit gains, climbing 136% over 24 hours. 

Independence Token (RFKJ), aimed at supporting Robert F. Kennedy Jr.’s potential presidential candidacy, also saw an increase of 24.4% in the same period. Interestingly, even Joe Boden (BODEN), a memecoin referencing a misspelling of U.S. President Joe Biden’s name, witnessed a lesser rally than others. 

Despite being up only 1% on May 9, it had surged by 22% on March 8 following Trump’s previous remarks on cryptocurrencies. The surge in politically themed memecoins reflects a broader trend in the cryptocurrency market. 

Memecoins, in general, have gained significant traction in 2024, emerging as one of the most profitable narratives in the first quarter. According to Crypto Koryo, a pseudonymous analyst, CoinMarketCap listed a record 138 ERC-20 memecoins in April 2024, an exponential increase from the previous year’s tally of 18. More than 2,230 memecoins are listed on CoinMarketCap, boasting a combined market capitalization exceeding $52,325 million, making up 2.15% of the global crypto market value.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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