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GROK token hits $10 million market cap within days of launch

More than 400 GROK tokens hit the market over the weekend, inspired by Elon Musk’s new AI chatbot, Grok.

On November 5, X owner Elon Musk unveiled a new AI chatbot: Grok.

Unlike its competitors, such as ChatGPT and Google Bard, Grok is designed to have a flair of humour, and is reportedly uncensored.

Over the weekend, a swathe of anonymous developers took to various blockchains to create Grok-inspired tokens. There are now nearly 400 GROK tokens trading, and some have multi-million dollar market caps.

Data from shows that one GROK token hit a market cap of $10 million this morning.

Over the past 24 hours, the Ethereum-based token has generated more than $6.42 million in trading volume across approximately 4200 holders.

The market cap however has slid by $2 million throughout the afternoon and is now standing at $8.6 million. It has lost 10% in the last hour.

A different GROK token, based on Coinbase’s Ethereum L2, Base, holds a market cap of $4.77 million at the time of writing, despite having just 384 holders.

GROK tokens currently trading are not officially affiliated with Musk’s new Grok chatbot.

Quick hype-driven tokens such as Grok however often attract bad actors. Reports outline that ten different GROK tokens have already removed their liquidity (i.e. pulled the rug), leading to losses of more than $1 million for investors.

Unlike ChatGPT, Grok has access to present information. It’s still in beta, but it will be soon be integrated into X as well as a standalone app.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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