AI-Driven Development of Memecoin Yields $12 Million in a Day

NNicholas September 21, 2023 3:32 AM

An Ethereum developer, who chose to remain anonymous, utilized artificial intelligence to autonomously generate and launch a new memecoin. The generated coin, AstroPepeX (APX), saw a trading volume of $12.9 million in just 24 hours.

AI instructed to deploy digital tokens

In an ingenious blend of artificial intelligence and cryptocurrency, an anonymous Ethereum developer has created a code that instructs AI to create and launch new ERC-20 tokens. The developer combined the capabilities of OpenAI's ChatGPT API with a script of his own design, enabling the AI chatbot to autonomously generate and trade real, digital coins.

Formation of ERC20 token using AI guidance

The AI chatbot, following the instructions provided by the developer, forms an ERC20 token using Open Zeppelin standards. Open Zeppelin is an open-source platform that facilitates the creation of secure smart contracts. The token name and other parameters are not randomly assigned; instead, they are thoughtfully determined by values provided by GPT (Generative Pre-training Transformer) in the code's constructor.

AstroPepeX trading volume hits $12.9M in one day

Putting his AI-guided development tool to the test, the developer launched a public token named AstroPepeX (APX). Remarkably, this new AI-born memecoin managed to generate a staggering $12.9 million in trading volume within its first 24 hours. This achievement provides compelling evidence of the potential of AI in the cryptocurrency sphere.

ChatGPT doesn't pluck token names from thin air. Instead, it smartly generates names based on real data derived from the top ten thousand tokens traded on Uniswap. Additionally, it cross-references market-cap data from well-known cryptocurrency platforms, CoinMarketCap and CoinGecko. This method ensures the created tokens have a level of credibility and relevance in the ever-evolving cryptocurrency ecosystem.

The developer's tool isn't just automated; it's adaptable. Specifics related to the token, such as its supply, can either be directly configured by the user or left up to ChatGPT's 'creativity'. This flexibility allows for a vast array of token configurations and opens the door to an infinite realm of possibilities for unique token creation.

Ensuring safety and fairness in token launch

After generating a name and description for the coin, ChatGPT collaborates with DALL-E, another OpenAI tool, to create a fitting icon for the new coin. The developer also incorporated safe checks into his tool—it is designed to immediately revoke ownership of any contract generated by ChatGPT. Moreover, all token supply is promptly added to Uniswap upon creation, thus ensuring fair and decentralised trading of the tokens.

Widening access to token creation

The anonymous developer is not stopping here; he plans to release a user interface for his code, which will allow even non-technical experts to launch their own tokens on the Ethereum blockchain by using ChatGPT. This promising development could democratize token creation, making it accessible to a much wider audience.

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