Introduction
A digital artist, known as Red, utilized AI, specifically ChatGPT and Midjourney, with an initial investment of $69 to create a meme coin named “Chewable Coin.” This venture, originally intended to draw attention to his artwork, skyrocketed to a $200 million market cap, highlighting the power of community engagement and AI in the crypto space.
Journey of Chewable Coin Creation
- Idea Generation with ChatGPT: Red employed ChatGPT to brainstorm the concept and tokenomics for the meme coin, including generating a catchy name through community polls on Twitter.
- Mascot Creation with Midjourney: Leveraging AI, Midjourney created a series of mascot images based on prompts from ChatGPT. The community voted on their favorite, fostering engagement and investment.
- Tokenomics and Whitepaper: Guided by ChatGPT, Red refined the tokenomics for Chewable Coin, opting for no transaction taxes and a fair distribution, all outlined in a whitepaper generated by AI.
- Smart Contract Coding: With no coding experience, Red used ChatGPT to draft a simple smart contract for Chewable Coin and conducted tests to ensure its functionality.
- Website Development: Utilizing Google Sites, Red created a free website for the coin, with content also generated by ChatGPT.
- Community-Driven Audit: Facing budget constraints, Red successfully rallied the crypto community to conduct a free audit of Chewable Coin’s smart contract, ensuring its security without incurring high costs.
- Token Deployment and Liquidity Pool Creation: Red executed the deployment of Chewable Coin’s smart contract and established a liquidity pool on UniSwap, despite initial setbacks from token sniping.
- Crowdfunding and Growth: After facing challenges with token sniping, Red initiated a crowdfunding campaign that raised 3.5 ETH, around $7,000. This fund was crucial for adding liquidity to the coin, which saw its market cap soar to $200 million.
Lessons and Insights
- AI as a Development Tool: The project exemplifies how AI can be utilized to compensate for lack of coding knowledge, from generating project ideas to drafting smart contracts.
- Community Engagement: Engaging the community at every step, from naming the coin to selecting its mascot, played a significant role in Chewable Coin’s success.
- Risks and AI Reliance: While the project’s success is remarkable, it also highlights the risks associated with relying heavily on AI without deep domain knowledge, underscoring the importance of professional guidance in such ventures.
Conclusion
Red’s story of turning $69 into a multi-million dollar meme coin using AI and community engagement illustrates the potential within the crypto space for innovative and unconventional success. It also serves as a testament to the growing influence of AI in crypto development and the importance of community support in determining a project’s success.
