Elon Musk once again provoked the growth of a little-known cryptocurrency by 7000%

Editor’s note: not investment advice!

On Sunday, May 4, Elon Musk changed his name on the X social network to «gorklon rust» and posted an image of the primitive Gork meme, a parody of Grok, a satirical chatbot from xAI. This instantly caused a frenzy on the crypto market: in a matter of hours, dozens of meme coins with the name «Gork» were created, some of which increased in value by up to 7000% in a day.

The largest surge was recorded for the «New XAI Gork» token on the Solana blockchain SOL $143.77 Binance-Peg SOL -0.09% Market capitalization $0.16 billion VOL. 24 hours $0.32 billion - its market capitalization reached $ 59.8 million, and the daily trading volume amounted to $ 75 million. Other tokens in this line showed gains ranging from 131% to 588% per day, although some also experienced «rocketing» — in particular, one of the Gorklon tokens first soared by $ 29.6 million and then fell by 95%, demonstrating the classic scheme of «throwing» investors.

The activity was fueled by the fact that Musk did not provide any explanation, which increased the effect of speculation — similar to his previous tweets about Dogecoin DOGE $0.17 Binance-Peg Dogecoin -1.00% Market capitalization $0.43 billion VOL. 24 hours $91.15 million . Gork’s profile on X, which mimics artificial intelligence, grew from 86 to more than 113 thousand followers in a few hours.

Despite the hype, experts emphasize that the history of such meme tokens shows that the vast majority of them lose value within a few days. The surges are due solely to Musk’s influence and the fleeting activity of speculators.

The No Worries editorial team strongly advises readers not to invest their own money in dubious crypto projects and little-known digital assets!