The recent introduction of Elon Musk’s XAI Ventures’ Grok Chatbot has caused the value of an obscure Grok token to surge by over 1300% since its release.
On November 5, Elon Musk’s new AI venture, XAI, staffed by professionals from companies like Google and Deepmind, unveiled Grok, a chatbot poised to compete with the likes of OpenAI’s ChatGPT. Even in its beta stage, Grok is characterized by its more lighthearted and unfiltered nature compared to its counterparts.
Since the company’s launch, nearly four hundred AI-related tokens have emerged on various blockchains, creating abundant opportunities for speculation. This influx has motivated low-cap traders to invest millions in these tokens, propelling their market capitalization to record levels.
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.
