Following the introduction of Elon Musk’s AI chatbot, Grok, associated with Tesla and X (formerly Twitter), over 400 cryptocurrencies bearing the same name emerged. One particular token has experienced a remarkable price surge, exceeding 1,000% since its inception.
Dextools data reveals the proliferation of tokens inspired by Musk’s chatbot, with one token achieving a market cap in the millions and proving highly lucrative for its creators.
Source: Etherscan
Generating and trading tokens on Ethereum (or other blockchains) is a straightforward and cost-effective process. Smart contracts, accessible to anyone for a nominal fee, can be invoked, and decentralized exchanges facilitate the immediate supply of liquidity and exchange of newly issued tokens.
Grok, Elon Musk’s chatbot creation, takes inspiration from the iconic sci-fi classic “The Hitchhiker’s Guide to the Galaxy” and is recognized for its bold demeanor. Despite Musk expressing concerns about the risks associated with AI, he has announced that after thorough testing, Grok will be made available to premium users on the X platform.
Announcing Grok!
Grok is an AI modeled after the Hitchhiker’s Guide to the Galaxy, so intended to answer almost anything and, far harder, even suggest what questions to ask!
Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use…
— xAI (@xai) November 5, 2023
Grok Token’s Quirky Interaction on X Contrasts with Modest Pricing and Liquidity
Grok, designed to engage with user content on X with a touch of sarcasm, exhibits a relatively low token price and liquidity, according to Dextools data. This suggests that the surge may be tied to the token’s limited liquidity. With over 6,000 holders and approximately 56,000 transactions since its launch, the token boasts a fully diluted market capitalization slightly exceeding $20 million, as per Etherscan.
It’s crucial to note that Elon Musk, in clear terms, has stated that none of his entities, including xAI, has intentions to issue cryptocurrency tokens.
In the cryptocurrency realm, historical trends reveal instances of capitalizing on popular news, such as the creation of tokens linked to figures like Ethereum co-founder Vitalik Buterin. Even nods to social media banter, like jokes from official Twitter accounts such as McDonald’s, have become part of this dynamic landscape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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