The cryptocurrency named after Elon Musk’s artificial intelligence has grown by 13,000% in just a week

Editor’s note: not financial advice!

The value of the Grok token, whose developers were «inspired» by Elon Musk’s AI-based chatbot, soared by 13,000% in the week after its launch. The market capitalization of the new digital asset amounted to $ 160 million.

According to analytical trackers, Grok tokens are currently owned by 11,000 users, and the trading volume over the past 24 hours amounted to $ 25 million. According to DEXTools, Grok’s largest holders have unrealized profits ranging from $ 2.1 million to $ 6 million. However, the available liquidity of the GROK/USD pair is only $ 3.5 million, which means that one large token sale could completely collapse the value of Grok.

The day before, Elon Musk’s AI startup announced a new AI chatbot called Grok, which is currently available to a limited number of users in beta. Musk demonstrated Grok’s capabilities by showing several examples of its work. It is expected that after the beta testing is completed, Grok will be available to all users on the X Premium tariff.

The information about Grok AI provoked the massive emergence of fake cryptocurrencies. Thus, over the weekend, anonymous developers created about 400 digital tokens with the name GROK. 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.