Developer Sparks Fears of Memecoin Onslaught with Million-Dollar Creation using ChatGPT
Discover how a developer utilized ChatGPT to create a million-dollar meme coin, raising concerns about the influx of similar tokens during the next bull market.
Posted 10 months ago in Altcoins
A developer utilizing the power of ChatGPT has created a Pepe-related coin, raising concerns about the influx of memecoins during the next bull market. The creation of the million-dollar Meme Coin using ChatGPT showcases the potential to flood the market with similar tokens.
CroissantEth, an independent developer, integrated OpenAI’s ChatGPT API into a script to generate an Ethereum-based token. The AI tool, which analyzes open information, has previously forecasted crypto prices and accurately predicted the success of various meme coins.
By leveraging AI, CroissantEth developed AstroPepeX (APX), a meme coin based on the popular PEPE frog meme coin, which experienced a massive surge in April. The project gained approval from crypto enthusiasts, accumulating millions of dollars in trading volume.
While ChatGPT can't directly implement tokens on Ethereum, the OpenAI API bypasses this limitation. CroissantEth used a script to instruct ChatGPT through Open Zeppelin API to create a new token, including the ability to specify its name and other parameters.
Furthermore, ChatGPT showcases its AI abilities by generating token names and logos based on user inputs and existing cryptocurrencies. It can even create tokens similar to current projects, showing its creative capabilities in coding and data collection.
The project, named AstroPepeX, gained substantial popularity, accumulating $12.9 million in transaction volume within 24 hours on Uniswap. However, despite the success, projects like CroissantEth's face challenges around smart contract ownership and private keys.
To overcome these issues, CroissantEth proposes revoking smart contract ownership and adding all tokens to Uniswap alongside 2 ETH. Although the process showcases the potential of AI in the crypto market, it also raises concerns about the proliferation of low-quality meme coins in the next bull market.
Last updated 9/25/2023, 9:01:57 PM
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