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Grok-Inspired Token Reaches $160 Million Market Cap in Just Eight Days

13/11/2023 21:12

According to CoinDesk, a token inspired by Grok AI, an artificial intelligence service by Elon Musk-owned social app X, has reached a $160 million market capitalization just eight days after its release. The Grok (GROK) token's prices have more than doubled in the past 24 hours, extending a week-long rally to 13,000%. A $100 investment in the tokens could have yielded $1,300 over a seven-day period. The GROK token currently has 11,000 holders and saw $25 million in trading volumes in the past 24 hours. This particular token was the first of many GROK tokens created by developers across several blockchains, most of which have either rugpulled or failed to gain in value after issuance. Top GROK holders are sitting on $2.1 million to over $6 million in unrealized profits, according to DEXTools data. However, available liquidity for the GROK-USD pair is just $3.5 million as of Monday, meaning a single large sell could completely topple the rise. Grok, an AI chatbot service by social application X, started to roll out last Saturday. Previews show the service is relatively more uncensored and humorous than existing players, which has seemingly helped it quickly gain a cult following. Anyone can call a smart contract and issue tokens on Ethereum or other blockchains for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after. All grok tokens are unrelated to and unaffiliated with the actual Grok AI service.

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