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.
Graph showing the performance of one of the GROK tokens against WETH launched on Ethereum from Nov. 4 to Nov. 6, 2023 (Source: Dextools)
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.
