The recent launch of the Grok Chatbot from Elon Musk’s XAI Ventures has increased the value of an unknown Grok token by more than 1300% since its launch.
On November 5, Elon Musk’s new AI company, XAI, made up of alumni from companies like Google and Deepmind, launched Grok, a new chatbot that rivals OpenAI’s ChatGPT. Although still in beta, the Grok chatbot is designed to be more humorous and uncensored than the others.
Since the company’s launch, nearly four hundred AI-related tokens have appeared on various blockchains. This created ample opportunities for speculation, prompting low-cap traders to invest millions in these tokens, pushing their market caps to record highs.
According to facts of Dextools, one of the GROK tokens launched on the Ethereum blockchain, has risen 1300% since its debut. The token had a market capitalization of approximately $10 million and approximately 4,310 holders at the time of writing. Despite a 17% loss in the past 24 hours, trading volume reached $7.32 million.
Another GROK sign created on Saturday currently has a market cap of $4.52 million, spread across 381 holders. In addition, it has also witnessed $4.78 million worth of transactions in 24 hours, worth 387.19% grow.
Despite a wave of new GROKs on the market, XAI has yet to announce the launch of its own token.
Musk’s influence on the crypto community
Before and after his acquisition of X (formerly Twitter), Elon Musk continued to have 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 attributed to most of the growth recorded by Dogecoin. As a result, his crypto-moving actions have been cited as evidence to accuse him of market manipulation.
More recently an unknown X token collected following Musk’s rebranding of Twitter to X.