GROK token surges 16% forward of Elon Musk’s Grok AI launch
A selected Grok token noticed value positive factors seemingly resulting from information across the public launch of an AI chatbot backed by Elon Musk and his social community X, previously Twitter.
The value of GROK, one in every of a number of tokens impressed by Musk’s OpenAI rival, soared over 16% in 24 hours. Its day by day buying and selling quantity was round $20 million.
GROK’s totally diluted market cap stood at $48 million days earlier than the complete launch of Grok AI, a chatbot powered by synthetic intelligence and mentioned to compete with OpenAI’s chatGPT. It’s vital to notice that GROK and different comparable cryptocurrencies should not affiliated with Musk’s AI enterprise.
Nameless and pseudonymous builders spun up a handful of GROK-themed cash when Musk introduced his plans on Nov. 4. These cash collectively rallied over 30,000% at one level.
On Nov. 13, GROK’s market cap reached as excessive as $120 million earlier than falling sharply resulting from a publish from crypto sleuth ZachXBT. The on-chain investigator highlighted hyperlinks between earlier rip-off tasks and this AI token, resulting in the supposed “FUD” surrounding the coin and its developer, who’s unknown.
The venture’s backers and supporters assembled on an X Areas in a bid to debunk ZachXBT’s assertions, arguing that the crypto Sherlock printed incorrect info relating to GROK and its deployer.
Musk mentioned his Grok AI ought to roll out to all X premium customers between Nov. 26 and Dec. 2, 2023.
Whereas typically unrelated to mainstream AI efforts, crypto AI tokens have change into a trending narrative for digital asset individuals and have attracted over $6 billion per CoinGecko knowledge.
