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AI meme coins are essentially meme tokens created or promoted by AI tools. This emerging sector drew significant attention from traders in October.
However, most market capitalization and trading volume is concentrated in two main tokens: GOAT and TURBO.
AI Meme Coin Market Cap Reaches Nearly $1.9 Billion in October
According to CoinGecko data, the market capitalization of AI meme coins surged to nearly $1.9 billion, increasing by 9.5% on October 23. Additionally, daily trading volume exceeded $590 million.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
Two tokens, Turbo (TURBO) and Goatseus Maximus (GOAT), contributed $360 million, accounting for over 60% of the total AI meme coin trading volume. Most remaining tokens have low liquidity, with 24-hour trading volumes below $1 million.
TURBO is a meme coin created by ChatGPT, while GOAT is promoted by the ‘Terminal of Truths’ account, which is believed to be operated by AI. The price surge in these tokens reflects the community’s combined interest in AI and meme coins.
Data from Kaito shows that discussions about AI and meme coins comprised over 60% of community discourse in October.
“Fifty percent mindshare for AI. I’ve never seen anything like this before,” Investor Miles Deutscher commented.
GOAT Price Hits ATH, Market Cap Exceeds $570 Million
GOAT dropped 50% last week due to controversies surrounding spelling mistakes by the ‘Terminal of Truths’ account. However, the token has since rebounded, reaching a new all-time high (ATH) of $0.571. GOAT’s daily trading volume also reached over $337 million. Most of the trading volume came from the GOAT/SOL trading pair on Raydium.
With this price increase, GOAT’s market cap officially surpassed $570 million. This move coincided with venture capitalist Marc Andreessen of Andreessen Horowitz posting an interview discussing meme coins and AI. Marc Andreessen donated $50,000 to the ‘Terminal of Truths’ account.
“I think there’s something serious going on; this is maybe the first example of a convergence point between AI and crypto,” Andreessen remarked.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Additionally, several other AI-operated accounts, similar to “Terminal of Truths,” have emerged, promoting their own tokens, including MEDUSA, ACT, and GMIKA. These tokens, primarily Solana-based meme coins, saw price drops of up to 80% in October.