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GROK Token, Inspired by Elon Musk’s Grok AI, Hits $160M Capitalization in Latest Frenzy
Total liquidity for the token is a paltry $3.5 million on decentralized exchanges, meaning a single significant sale could instantly topple the rise.
Updated Nov 16, 2023, 4:40 p.m. Published Nov 13, 2023, 1:10 p.m.
A token inspired by Grok AI, an artificial intelligence service by Elon Musk-owned social app X, has zoomed to a $160 million market capitalization just eight days after release – joining a series of speculative frenzies this year that has ranged from frog-themed tokens to hamster racing.
Prices of have more than doubled in the past 24 hours, according to DEXTools, extending a week-long rally to 13,000% – a move that turned every $100 invested into $13,100.
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The GROK token has 11,000 holders and saw $25 million in trading volumes in the past 24 hours. This particular token was the first of scores of other GROK tokens created by developers across several blockchains – most have apparently 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, as per 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.
“So long and thanks for all the tasks” 😢
— Elon Musk (@elonmusk) November 11, 2023
Douglas Adams ftw https://t.co/X3OwOieb0g
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.
CORRECTION (Nov. 13, 2023, 15:45 UTC): Fixes figure on returns in second paragraph.
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