The meme token, named after the AI service of the head of the social network X (formerly Twitter) Elon Musk, grew by 1000% in less than a week. GROK reached a peak of $0.023, according to the portal TradingView.
On November 5, Elon Musk announced the launch of a chatbot based on artificial intelligence. The project was named Grok after a character from the Star Wars universe.
Two days after this, a meme token appeared on the crypto-asset market, named after the tech tycoon’s AI bot. In the six days since its launch, GROK has grown by 1050%, reaching a high of $0.023.
The trading volume on the day the token was released was $9 million, and by November 13, the day of peak value, this figure reached $38.75 million.
At the time of writing, the price of GROK is hovering at $0.013. Trading volume for 24 hours amounted to $25.25 million, and the market capitalization of the asset reached $280 million.
On-chain analyst ZachXBT pointed out the involvement of the GROK developer in at least one scam project. Later, the expert noted that the creators of the meme token burned 90 million GROK (~$1 million at the time of the operation).
Not that people in this space will care but @GROKERC20 $GROK was created by a scammer.
Same exact X/Twitter account has been reused for at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
The day before the announcement of the AI service, Elon Musk said that none of his companies would issue crypto assets. This is how the billionaire commented on the fake news about the rapid growth of the XAI token.
Source: Cryptocurrency
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