- Elon Musk’s launch of the AI chatbot Grok sparked the creation of hundreds of GROK tokens on different blockchains, allowing traders to make cultural connections but also resulting in some rug pulls.
- The first GROK tokens generated millions in market cap and volume within 24 hours, leading to major gains for early investors. However, at least ten rug pulls have occurred, causing over $1 million in losses.
- Beyond GROK, the hype around AI chatbots has also benefited other cryptos like XAI, which rallied 175% after Grok’s announcement. Investors are making connections between Musk’s chatbot and various crypto assets.
Elon Musk recently announced the beta launch of his AI chatbot, Grok. This has led to the creation of hundreds of GROK tokens on different blockchains. These tokens allow traders to make cultural connections and have driven up demand. However, some GROK tokens have also turned out to be rug pulls, leading to losses. Let’s take a closer look at the landscape of GROK tokens that have emerged.
The Launch of Elon Musk’s Grok Sparks a Frenzy
On Saturday, anonymous developers unveiled different GROK tokens on various blockchains following Elon Musk’s announcement of his AI chatbot Grok on Friday. Modeled after the Hitchhiker’s Guide to the Galaxy, Grok is designed to have witty conversations.
The first GROK token on Ethereum reached a $10 million market cap with 4,600 holders by Monday morning. Over $10 million in GROK was also traded for Ether in 24 hours. Early investors are sitting on $150,000+ in unrealized gains.
GROK on the Base network has reached a $432 million market cap, exceeding $35 million in volume in 24 hours. The service has attracted a cult following, with many approving of its uniqueness.
Rug Pulls and Losses Amidst the Excitement
The hype has also attracted scammers. At least ten different GROK tokens have pulled the rug, leading to over $1 million in losses. Traders should be wary of putting money into anonymous and unaudited projects.
Other Cryptos Also Benefit from the AI Hype
The XAI crypto token also rallied after the Grok announcement, quickly shooting up 175%. Despite Musk clarifying none of his companies will create crypto tokens, XAI has maintained its rally, up 505% in 24 hours.
The hype around AI chatbots is benefiting multiple crypto projects beyond just GROK tokens. Investors are making connections between Musk’s announcement and various crypto assets.
Conclusion
In summary, Elon Musk’s new AI chatbot Grok has led to a frenzy of activity around GROK tokens on different blockchains. While some tokens have provided enormous returns, others have rug pulled and led to losses. The excitement around AI chatbots is benefiting multiple cryptos besides GROK. Investors should be cautious and do their research before buying in.
