AI meme coins are meme tokens generated or promoted by AI tools. This emerging sector attracted the attention of traders in October.
However, the majority of market capitalization and trading volume is concentrated in two major 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 reached nearly $1.9 billion on October 23, increasing by 9.5%. The daily trading volume also exceeded $590 million.
Read more: How to Invest in AI Cryptocurrencies
The two tokens, Turbo (TURBO) and Goatseus Maximus (GOAT), contributed $360 million, accounting for over 60% of the total AI meme coin trading volume. The 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 known to be operated by AI. The price surges of these tokens reflect the community's interest in AI and meme coins.
According to Kaito's data, community discussions on AI and meme coins accounted for over 60% of the total in October.
"Interest in AI is reaching 50%. I've never seen anything like this before," investor Miles Deutscher commented.
GOAT price reaches all-time high, exceeding $570 million market cap
Last week, GOAT dropped 50% due to a spelling error controversy involving 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 surpassed $337 million, with most of the volume occurring in the GOAT/SOL trading pair on Raydium.
This price surge has officially pushed GOAT's market cap above $570 million. This movement coincided with venture capitalist Marc Andreessen posting an interview discussing meme coins and AI. Andreessen donated $50,000 to the 'Terminal of Truths' account.
"I think something serious is happening; this is probably the first instance of AI and crypto coming together," Andreessen said.
Read more: How to Buy Solana Meme Coins: A Step-by-Step Guide
Additionally, several AI-operated accounts similar to the 'Terminal of Truths' have emerged, promoting their own tokens, most of which are Solana-based meme coins, which saw prices drop by up to 80% in October.
