Friday, September 22, 2023
Web Desk

ChatGPT-generated crypto token 'AstroPepeX' makes $12 million in trading on debut

Logo of the ChatGPT-generated cryptocurrency AstroPepeX was created using DALL-E tool by OpenAI

Web Desk
DALL-E was employed to craft the visual representation of the token.-Twitter@CroissantEth
DALL-E was employed to craft the visual representation of the token.-Twitter@CroissantEth

ChatGPT has now ventured into the cryptocurrency world, creating a digital coin named "AstroPepeX," which generated a staggering $12 million in its trading debut.   

Operating under the pseudonym CroissantEth, the developer harnessed the capabilities of ChatGPT to draft a crypto contract, establish its own blockchain token, and christen it as "AstroPepeX" with the ticker symbol $APX.

Initially, ChatGPT proposed the name "FluffyUnicorn Coin" for the cryptocurrency, but CroissantEth sought a more fitting identity within the crypto realm. This prompted a deeper conversation with the AI chatbot, providing it with context about cryptocurrencies, leading to the birth of "AstroPepeX."

To enhance the token's appeal, CroissantEth utilized another tool from OpenAI, DALL-E, a text-to-image AI generator. DALL-E was employed to craft the visual representation of the token.

Genesis of AstroPepeX

CroissantEth, an anonymous Ethereum developer, has a history of releasing code that enables AI tools to deploy new ERC-20 tokens on the Ethereum platform. ERC-20 tokens conform to a standard for Fungible Tokens, ensuring each token is identical in type and value to another.

In explaining the process, CroissantEth stated, "What I did was introduce GPT to the standard ERC20 contract for simplicity, as I felt that was safe for a first attempt at this." However, the developer highlighted that one could customize solidity code to create tokens with distinct features, such as mintability, taxation rates, or governance parameters.

The notion to create a meme coin using ChatGPT emerged serendipitously as CroissantEth aimed to explore the capabilities of ChatGPT in conjunction with Ethereum smart contracts. 

While ChatGPT cannot directly deploy a token on Ethereum, developers can leverage OpenAI's API to customize applications and link them to Ethereum networks for token creation.

AstroPepeX's trading triumph

AstroPepeX made an impressive debut in the cryptocurrency market, amassing a trading volume of $12.9 million in just 24 hours, according to Decrypt. CroissantEth's code employed ChatGPT to fashion an ERC-20 token adhering to OpenZeppelin standards, an open-source framework for crafting secure smart contracts.

AI-powered crypto: A growing trend

This isn't the first instance of AI-generated cryptocurrencies. Just four months ago, Rhett Mankind, a crypto artist, used GPT-4 to develop and launch "Turbo," a cryptocurrency, within a week. 

Inspired by Mankind's approach, CroissantEth aimed to reduce human intervention further in the token creation process and plans to release a user interface for their code, making it accessible to non-technical individuals looking to launch tokens on Ethereum with ChatGPT's assistance. 

The fusion of AI and cryptocurrency continues to evolve, opening new horizons for innovation in the digital financial landscape.