If you are looking into meme coins and community-backed tokens, Turbo ($TURBO) might have caught your eye. Turbo ($TURBO) is a cryptocurrency that has recently gained attention as the first meme coin that was created by artificial intelligence. This project was started by a founder who challenged GPT-4 to develop a new meme coin, which resulted in Turbo. If you are new to the crypto world and want to know more about Turbo ($TURBO), this guide will help you understand more about the coin.
Why Choose Turbo ($TURBO)?
Turbo ($TURBO) is an innovative cryptocurrency that combines the cultural appeal of memes with the technological capabilities of blockchain. It is notable for being the first AI-generated meme coin, created with a modest budget of just $69. The founder renounced ownership of the contract, allowing the community to take control and propose future developments without a formal team or roadmap. The $TURBO token is hosted on the Ethereum blockchain using the ERC-20 standard. The Turbo platform works as a Decentralized Autonomous Organization (DAO).
Tokenomics and Market Performance
The total supply of Turbo is capped at 69 billion tokens, with 60 billion distributed using the ICO and 9 billion allocated to the founder. Turbo has experienced major price fluctuations since its inception. As of December 12, 2024, Turbo’s live price is approximately $0.01066. The token has experienced notable trading activity with a 24-hour trading volume of around $164.73 Million and a market capitalization of approximately $763.19 million. After achieving an all-time high of $0.0097 on May 29, it has shown a remarkable growth rate of approximately 2,049% over the past year.
However, recent trends show a bearish sentiment in the market, with current prices a decrease from earlier highs. The circulating supply is at 65.3 billion TURBO, out of a total supply of 69 billion TURBO.
How To Buy Turbo ($TURBO)?
To Buy Turbo, you will need a crypto wallet that supports Ethereum based tokens because Turbo operates on the Ethereum blockchain (ERC-20 standard). Some wallet options are: MetaMask (most popular for Ethereum-based tokens), Trust Wallet (beginner-friendly), and Coinbase Wallet.
1. Choose a Cryptocurrency Exchange
After setting up the wallet, you need to choose a cryptocurrency exchange that supports Turbo ($TURBO). Binance, Coinbase, and Kraken are some popular options to buy from. Make sure to pick an exchange that is reputable and offers good security features.
2. Create an Account
Once you have chosen an exchange, you should move on to creating an account. You will need to provide some personal information and verify your identity according to some regulatory requirements.
3. Secure Your Account
After creating your account, take some extra steps to secure it like activating two-factor authentication (2FA) and setting up really strong passwords. This will help to protect your account from scams and unauthorized access.
4. Deposit Funds
Now that your account is set up and secure, you can move on to depositing funds. You can deposit funds by the following methods listed as:
- Credit/Debit Card – Quick and simple for beginners
- Bank Transfer – Mostly takes longer but may have lower fees.
- P2P Trading – Some exchanges allow you to buy directly from other users.
5. Purchase Turbo ($TURBO)
Once you deposit your funds, go to the trading section of your exchange and search for Turbo ($TURBO). Select the trading pair that matches your deposited funds, enter the amount of TURBO you want to buy, and place your order. You can decide to give a market order (buy at the current market price) or a limit order (set a specific price point at which you want to buy).
6. Withdraw To a Wallet (optional)
If you prefer to have more security, you can withdraw your TURBO tokens to a personal wallet. Hardware wallets ensure that your funds are stored safely offline.
Also Read: Tips For Using Your Hardware Wallet Securely
How To Sell Turbo ($TURBO)?
If you want to sell your Turbo tokens, you can sell them on the same exchange where you bought them or transfer them to another exchange that supports selling $TURBO for fiat or other crypto.
1. Transfer $TURBO To an Exchange
If your Turbo tokens are stored in a personal wallet, transfer them back to a cryptocurrency exchange that supports Turbo tokens.
2. Sell Turbo ($TURBO)
Once your Turbo tokens are deposited in your exchange account, go to the trading section and select the appropriate trading pair. Enter the amount of Turbo tokens you want to sell and execute the trade.
3. Withdraw Funds
After selling your Turbo tokens, withdraw the proceeds to your bank account or another cryptocurrency wallet. Most exchanges have various withdrawal methods, including bank transfers, PayPal, and other payment services.
Final Thoughts
As a community-backed meme coin born with the help of AI, Turbo gives a unique appeal to crypto enthusiasts. If you are interested in buying this crypto, remember to employ security practices like using two-factor authentication on your accounts. Stay informed about the market trends and price movements of Turbo and keep track of the transaction fees in buying and selling. You can start by investing small amounts until you become more comfortable. As with any other meme coin, it is always advised to do thorough research before you decide to invest in it. These are highly volatile and prices can fluctuate any time.
Disclaimer: Note that this is not financial advice and is compiled using publicly available information. Please exercise caution and DYOR before you take the risk of investment.