Musk’s new Grok chatbot sparked the launch of hundreds of new AI-related tokens, with some rising more than 1,300%.
The recent launch of Elon Musk’s XAI Ventures’ Grok chatbot has seen the value of the unknown Grok token rise by more than 1,300% since its launch.
On November 5, Elon Musk's new artificial intelligence company XAI (comprised of alumni from the likes of Google and Deepmind) launched Grok, a new chatbot that works with OpenAI's ChatGPT and others Product competition. Although still in beta, the Grok chatbot is designed to be more humorous and uncensored than other chatbots.
Since the company’s founding, nearly four hundred AI-related tokens have appeared on multiple blockchains. This created ample speculative opportunities, prompting low-cap traders to invest millions of dollars in these tokens, pushing their market caps to all-time highs.
The GROK token, launched on the Ethereum blockchain, has gained 1,300% since its launch, according to data from Dextools. At press time, the token had a market capitalization of approximately $10 million and approximately 4,310 holders. Despite a 17% loss in the past 24 hours, its trading volume reached $7.32 million.
Another GROK token created on Saturday currently has a market cap of $4.52 million, shared by 381 holders. In addition, the transaction volume within 24 hours reached US$4.78 million, an increase of 387.19%.
Despite the surge in new GROKs on the market, XAI has yet to announce the launch of a proprietary token.
Musk’s impact on the cryptocurrency community
Elon Musk continues to maintain a strong influence on the crypto community both before and after acquiring X (formerly Twitter). Musk's actions and tweets have continued to influence markets over the years.
It’s worth noting that much of Dogecoin’s growth can be attributed to Musk’s actions. As a result, his cryptocurrency movement was cited as evidence against him for market manipulation.
Recently, an unknown X token saw a rise after Musk renamed Twitter X.
