After only eight days of launch, a token dubbed Grok AI—a social platform owned by Elon Musk that offers artificial intelligence services—sprang to a $160 million market valuation, following in the footsteps of other speculative frenzy this year that included tokens with frog themes and hamster racing.
As per DEXTools, the price of Grok (GROK) has surged above 13,000% after more than doubling in the last 24 hours. The surge has been ongoing for a week.Thus, over the course of seven days, $100 invested in the tokens might have produced $1,300 in profit.
Eleven thousand people own GROK tokens, and within the last day, there were $25 million worth of trades.Of the numerous GROK tokens that developers have generated across multiple blockchains, this one was the first. The most of them seem to have either rugpulled or failed to increase in value after issuance.
According to DEXTools data, the top holders of GROK are sitting on unrealized profits ranging from $2.1 million to over $6 million.But as of Monday, there was only $3.5 million in available liquidity for the GROK-USD pair, which means that a one big sell may entirely reverse the surge.Grok, a social application X AI chatbot service, began to roll out last Saturday.According to previews, the service is funnier and more uncensored than current competitors, which may have contributed to its rapid cult following.
On Ethereum (or other blockchains), anybody may create a smart contract for a few pennies, and tokens can be generated instantaneously, given liquidity, and traded shortly thereafter thanks to the existence of decentralized exchanges.The actual Grok AI service has nothing to do with any of the grok tokens.