Unknown Grok token rallies 1300% after Musk introduces chatbot Unknown Grok token rallies 1300% after Musk introduces chatbot
Musk's new Grok Chatbot triggers the launch of hundreds of new AI-related tokens, with some rallying over 1,300%.
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Updated: Nov. 6, 2023 at 1:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The recent launch of Elon Musk’s XAI Ventures’ Grok Chatbot has pushed the value of an unknown Grok token up more than 1300% since it launched.
On Nov. 5, Elon Musk’s new AI company, XAI, comprising alumni from companies such as Google and Deepmind, launched Grok, a new chatbot to rival the likes of OpenAI’s ChatGPT. Though still in the beta stage, the Grok chatbot was designed to be more humorous and uncensored than the others.
Since the company launched, almost four hundred AI-related tokens appeared on several blockchains. This created ample opportunities for speculation, prompting low-cap traders to invest millions in these tokens, pushing their market caps to all-time highs.
According to data from Dextools, one of the GROK tokens launched on the Ethereum blockchain has rallied 1300% since its debut. The token had a market cap of around $10 million and about 4,310 holders as of press time. Despite seeing a 17% loss in the last 24 hours, its trading volume reached $7.32 million.
Another GROK token created on Saturday currently has a market cap of $4.52 million, shared among 381 holders. In addition, it has also witnessed $4.78 million worth of transactions in 24 hours, with a 387.19% growth.
Despite a surge in new GROKs on the market, XAI is yet to announce the launch of a proprietary token.
Musk’s influence on the crypto community
Before and after his acquisition of X (formerly Twitter), Elon Musk has continued to maintain a strong influence on the crypto community. Over the years, Musk’s actions and tweets have consistently moved the market.
Significantly, Musk’s actions can be credited for most of the growths recorded by Dogecoin. As a result, his crypto-moving actions have been cited as evidence to accuse him of market manipulations.
More recently, an unknown X token rallied following Musk’s rebranding of Twitter to X.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.