GROK Tokens Emerge on Blockchains after Musk’s AI Chatbot Announcement

Anonymous developers have unveiled different GROK tokens on various blockchains over the weekend. The tokens began to pop up after Elon Musk announced the beta launch of its AI chatbot Grok.

Modeled after the Hitchhiker’s Guide to the Galaxy, Grok is designed to answer questions with wit and humor. It can also suggest questions to ask and engage in a dynamic conversational experience. According to the developing team, Grok has “real-time knowledge of the world via the 𝕏 platform”. “It will also answer spicy questions that are rejected by most other AI systems,” they explained.

Following the announcement, the service has attracted a cult following, with many approving of its uniqueness.

GROK Tokens Gain Rapidly Even as Others Get Pulled

While shitcoins have always launched around trending topics, the launch of Grok has led to the creation of almost four hundred within days. Several developers have jumped into the frenzy around the service, creating GROK tokens on different chains.

Often traders and investors are allured by the story behind inspired tokens like GROK. These assets provide more than just a form of investment. They provide a cultural connection. This connection helps drive up the demand for the asset and the trading activity around it.

Blockchain data reveals the first GROK token was issued early Saturday on Ethereum. By Monday morning, it had reached a market capitalization of $10 million with 4,600 holders. In the past 24 hours, GROK tokens worth $10 million were also traded for Ether (ETH). Early investors in the asset with a few thousand dollars are sitting on over $150,000 in unrealized gains

Elsewhere, GROK on the Base network has reached a $4.32 million capitalization where it has exceeded $3.5 million in trading volumes in the past 24 hours.

The frenzy has also attracted fraudulent elements. At the time of writing, at least ten different GROK releases have pulled the rug on their tokens. This has led to cumulative losses of over $1 million for unsuspecting speculators.

xAI Benefits from Hype around Grok

In related news, the XAI crypto token also rallied after Elon Musk announced his new AI model. The token quickly shot up by about 175% as people associated it with Musk’s AI startup, xAI.

Clarifying his position, Musk said:

“To be super clear, none of my companies will ever create a crypto token.”

Despite the fact that Musk distanced himself from the tokens, the XAI crypto token has maintained its rally. At the time of writing, the asset was up 5.05% in a 24-hour window.

Read More

2023-11-06 14:27