Last Updated on November 24, 2023 by SPN Editor
In the latest crypto news, GROK, a token inspired by Elon Musk’s AI rival to OpenAI, experienced a significant price increase of over 16% within 24 hours. The daily trading volume was approximately $20 million. The surge in the Grok token’s price is likely due to the announcement of the public release of a Grok AI chatbot supported by Elon Musk and his social network X, previously known as Twitter. Musk has stated that his Grok AI should be available to all X premium users between November 26 and December 2, 2023.
Recently, the GROK token, which draws inspiration from Elon Musk’s Grok AI, has seen a substantial rise. The token’s market capitalization reached $160 million just eight days after its launch. The prices of GROK more than doubled in the past 24 hours, extending a week-long rally to 13,000%. This implies that every $100 invested turned into $13,100. However, it’s crucial to note that this token is not associated with the actual Grok AI service.
On November 13, GROK’s market cap peaked at $120 million before plummeting sharply due to a post from crypto investigator ZachXBT. The on-chain detective drew attention to connections between previous scam projects and this AI token, leading to the alleged “FUD” surrounding the coin and its anonymous developer.
The project’s backers and supporters gathered on an X Spaces to refute ZachXBT’s claims, arguing that the crypto detective published inaccurate information about GROK and its deployer.
Days before the full launch of Grok AI, a chatbot powered by artificial intelligence and touted to compete with OpenAI’s chatGPT, GROK’s fully diluted market cap was $48 million. It’s important to emphasize that GROK and other similar cryptocurrencies are not affiliated with Musk’s AI venture.
The GROK token operates on the principle of supply and demand, largely driven by its cultural appeal and the narratives crafted by its developers.
Like many similar tokens, GROK is created through smart contracts — self-executing contracts on the blockchain with the agreement terms directly written into code. On platforms like Ethereum and other blockchains such as BASE, creating a token can be done in minutes and cost mere cents, allowing for quick deployment by agile developers.
These tokens are then supplied with liquidity and become tradable on decentralized exchanges, making them instantly accessible to the public.
One of the standout features of the GROK token is its connection to the xAI Model GROK. This innovative meme coin is inspired by Musk’s AI creation, establishing a link between the digital currency world and the rapidly progressing field of artificial intelligence.
GROK tokens highlight a unique aspect of crypto culture: the swift mobilization of community interest and investment around emerging trends for quick profits. They exemplify the market’s agility but also underscore the volatility and risk inherent in such ventures.
What is Grok AI?
Grok AI, a product of xAI, is a cutting-edge conversational AI chatbot. This venture was initiated by Elon Musk, who also co-founded OpenAI’s ChatGPT. Grok AI utilizes Large Language Model (LLM) technology, which involves training the AI with a plethora of data available on the internet.
A standout feature of Grok is its ability to access real-time information from X (previously known as Twitter), a social media platform acquired by Musk for $44 billion. This feature gives Grok an edge over other AI chatbots in terms of up-to-date and relevant information. For instance, if you inquire about the latest news on a specific topic, Grok AI can provide the freshest headlines and articles.