A token inspired by Grok AI, the artificial intelligence service of Elon Musk’s social media platform X, has reached a market value of $160 million just eight days after its release. With this development, Grok has joined a series of speculative crazes ranging from frog-themed memecoins to hamster races.
Why is GROK Rising?
According to the price analysis platform DEXTools, the price of Grok (GROK) has more than doubled in the past 24 hours, bringing its weekly rise to 13,000%. This means that $100 invested in this token has turned into an asset worth $1,300 within a week. GROK token currently has 11,000 investors, and there has been a trading volume of $25 million in the last 24 hours.
This token became the first example of other GROK tokens created in various blockchain ecosystems by developers. It seems that many projects launched after this token either lost value or did not make as much noise as the initial project.
According to DEXTools, despite unrealized gains of over $2.1 million to $6 million, the largest GROK holders continue to hold. With all these developments, the current liquidity for the GROK/USD pair is only $3.5 million as of November 13. This means that a single large sale in this pair could completely reverse the upward trend.
What is Grok? A Detailed Review
Grok, the artificial intelligence-supported chatbot service of the social media platform X, was launched on November 11. The initial impressions of the platform show that it is relatively more uncensored and humor-oriented compared to existing AI-supported platforms, which seems to have helped the platform rapidly gain a cult following.
Anyone in the Web3 space can issue tokens on Ethereum or other blockchain networks by creating a smart contract and paying a few cents. During this process, decentralized exchanges can make these assets instantly tradable, provide liquidity, and make them available for buying and selling shortly thereafter.
With all these developments, ZachXBT, also known as a blockchain detective with a large following on X, warned his followers in a post. According to ZachXBT’s research, an X account named “GROKERERC20” has previously been used as an account for a different scam project.
