GROK Token, Inspired Elon Musk’s Grok AI $160M Capitalization

• Total liquidity for the GROK token is a paltry $3.5 million on decentralized exchanges, meaning a single significant sale could instantly topple the rise.

A token inspired by Grok AI, an artificial intelligence service of Elon Musk’s social platform X, has soared to a $160 million market valuation in just eight days, joining a string of speculative frenzy this year that has included frog-themed tokens and hamster racing.

“So long and thanks for all the tasks” 😢
Douglas Adams ftw https://t.co/X3OwOieb0g

— Elon Musk (@elonmusk) November 11, 2023

According to DEXTools, Grok (GROK) prices have more than doubled in the last 24 hours, extending a week-long surge to 13,000%. That means that $100 invested in the tokens might have yielded $1,300 over the course of seven days.

The GROK cryptocurrency has 11,000 holders and a trading volume of $25 million in the last 24 hours. This was the first of many GROK coins generated by developers across multiple blockchains; most appear to have rugpulled or failed to gain value after release.

Read Also: Elon’s Grok Project Has Inspired Over 400 Cryptocurrencies, Some Resulting In Scams

According to DEXTools data, top GROK holders had unrealized profits ranging from $2.1 million to $6 million. However, as of Monday, the available liquidity for the GROK-USD pair was only $3.5 million, implying that a single huge sale might entirely derail the increase.

Grok, an AI chatbot service from social app X, went live on Saturday. Previews reveal that the service is less censored – and more hilarious – than existing players, which appears to have helped it swiftly establish a cult following.

Anyone may invoke a smart contract and create tokens on Ethereum (or other blockchains) for a few pennies, and the advent of decentralized exchanges means tokens can be generated quickly, provided with liquidity, and traded shortly thereafter.

All grok tokens have no connection to or affiliation with the genuine Grok AI service.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.