The crypto space never stops moving, it continuously creates fascinating stories, bringing endless inspiration for traders to make profits in a short time. “Grok”, a new artificial intelligence (AI) chatbot of Elon Musk’s xAI, is one such case.
Launched less than 2 days ago but more than 400 different GROK tokens have been released by anonymous developers, with a total market cap of up to tens of millions dollars, allowing venture investors to gain profits hundreds of times more than their initial investment.
On-chain data shows that the first GROK token was issued on the morning of Nov 5 on the Ethereum network, and in less than 24 hours, it quickly reached a market cap of $10 million, with over 4,200 holders and trading volume exceeding $6 million. It is estimated that the top holders of this token are profiting more than $150,000 from the initial purchase price of only a few thousand dollars.
Another GROK token on the Base network also reached a capitalization of $5.06 million with a trading volume of over $4 million in the past 24 hours.
Of course, not all GROK tokens were created with good intentions. At least ten different GROK tokens are scams, resulting in losses of over $1 million for venture investors.
Elon Musk also confirmed “to be super clear, none of my companies will ever create a crypto token” so that users avoid investing in scam projects.
This is not the first time a series of shitcoins created follơing a hot trend of the financial market. In Oct 2022, Ethereum founder joked on Twitter that it would be great if people created a coin with the abbreviation name THE. Because “the” is the most commonly used article in English, implying that THE will always be mentioned in every story. Then, a series of shitcoins abbreviated as THE were created on Ethereum, attracting a large number of traders to invest in them.
Most recently, memecoin Milady (LADYS) surged nearly 11,700%, climbing to the 219th position in terms of market cap after Elon Musk shared an NFT image of “Milady” on Twitter.