July 21, 2024
GROK Token Rollercoaster: From $160 Million to $78 Million in 8 Days
Latest Cryptocurrency News

GROK Token Rollercoaster: From $160 Million to $78 Million in 8 Days

In a swift rise, the GROK token, not affiliated with Elon Musk’s AI service, achieved a $160 million market capitalization within eight days of its debut. However, being an 8-day-old meme coin not officially associated with the AI chatbot Grok, it faces significant volatility. At the time of writing, the GROK token’s market capitalization dropped to $78 million, showcasing its erratic nature.
Experiencing a remarkable 13,000% surge in the past week, the GROK token doubled in price within 24 hours, reaching an all-time high of $0.02, as reported by CoinGecko. Despite having 11,500 holders and substantial trading volumes, limited liquidity for GROK-USD poses a potential risk of a price crash with large sell-offs.
Grok, the AI chatbot service launched by social app X, known for its less censored and humorous nature, has contributed to the token’s popularity. However, it’s crucial to note that the tokens are not officially affiliated with the AI service, highlighting the proliferation of speculative assets driven by the ease of token creation and trading on decentralized exchanges.
This scenario echoes past instances in the crypto space, such as the BALD token linked to Coinbase CEO Brian Armstrong’s baldness, which ended with creators absconding with millions. The GROK launch aligns with Elon Musk’s “Dogefather” persona, entangled in a class action lawsuit for alleged Dogecoin market manipulation.
As the GROK token experiences fluctuations, Elon Musk’s Grok AI enters a competitive landscape with recent AI chatbot launches, including Google’s Bard and OpenAI’s ChatGPT Plus. These developments underscore the tech industry’s focus on AI advancements. Social media platforms are also joining the trend, with Snapchat unveiling “My AI,” a chatbot powered by OpenAI’s GPT technology, and LinkedIn introducing an AI chatbot for job seekers, coinciding with the announcement of surpassing 1 billion members.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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