Although GROK has no connection to Elon Musk’s new AI chatbot, it still created a craze recently. GROK’s capitalization has reached $16 million in just 8 days after launch, while trading volume also reached $113 million.
According to DEXTools, the price of GROK more than doubled on Nov 13, extending a week-long rally to 13,000%. This means, with $100 invested, traders can earn $13,000 in just 7 days of holding. There are currently 11,000 GROK holders and the trading volume of this token in 24 hours is $25 million. Of more than 400 tokens inspired by the billionaire’s new chatbot, GROK is attracting the most attention.
Estimated profits of top GROK holders range from $2.1 – 6 million; however, available liquidity for the GROK-USD pair is just $3.5 million, meaning a single large sell could completely topple the rise.
At the time of writing, this token is showing signs of cooling down, its price has dropped more than 14% over the past 24 hours and is trading at $0.013. On-chain detective ZachXBT suspects this is a scam project, because Grok’s X account is linked to at least one illegal crypto project.
On Nov 5, Elon Musk’s xAI announced the launch of the Grok AI chatbot, built into X and Tesla electric cars, with the ambition to compete with ChatGPT. In addition to the ability to respond to text, the Grok chatbot can also recognize images, voices and create images. What’s different about Grok is that the context of Grok’s answers is mainly based on the content collected on X. Grok can interact with people in a humorous way, instead of just simply answering questions, Musk said. Elon Musk also confirmed “to be super clear, none of my companies will ever create a crypto token”.