Elon Musk’s artificial intelligence has provoked a massive emergence of fake cryptocurrencies

Over the weekend, anonymous developers created about 400 digital tokens called GROK, inspired by Elon Musk’s chatbot of the same name.

The total capitalization of the virtual coins has already exceeded tens of millions of dollars. According to the online data, one of the first GROK tokens of the ERC-20 standard appeared on November 4 and currently has about 4,300 holders.

Cryptocurrency transactions exceed $ 3.9 million per day. The asset itself is traded at an average price of $ 0.1 486.

The largest holders of the coin have more than $ 150,000 in unrealized profits from initial purchases of several thousand dollars in ETH.

Another GROK token in the Base network has reached a market capitalization of $ 4.32 million with a daily turnover of $ 4.8 million. The asset price is about $ 0.4, having added more than 367% per day.

It is worth noting that since any user can create a smart contract on the blockchain, such tokens always appear on the wave of excitement around a new project. A similar situation occurred after Twitter’s rebranding, when the network was flooded with coins with the X ticker.

It is noteworthy that some GROK developers have already pulled off several rug pull schemes, a situation where cryptocurrency developers leave digital coin holders with illiquid assets.

Musk himself has stated that none of his companies will ever issue its own cryptocurrency token. He made this statement in response to a warning from a user under the pseudonym DogeDesigner that the XAI token is not related to the billionaire’s AI startup xAI.

Musk launched xAI in July to «understand the true nature of the universe.» The team includes former employees of DeepMind, OpenAI, Google Research, Microsoft Research, Twitter, and Tesla. According to the Financial Times, Musk has pre-purchased «thousands» of GPUs from Nvidia to develop a large language model.

On November 4, xAI announced the launch of Grok. The neural network is modeled after a guidebook from Douglas Adams' Hitchhiker’s Guide to the Galaxy series.

The No Worries editorial team strongly advises readers to invest responsibly and not to invest in dubious crypto assets.