Of course I want to answer the question with a resounding "no", however, this token is gaining many followers given the trend generated by the latest announcement by Elon Musk and his AI "Grok". We will analyze some on-chain data about the dizzying growth that this #token and a #wallet that has taken advantage of this narrative are having.
The Grok token, which is inspired by Elon Musk's "Grok" AI, has been making headlines due to its increase in price and market capitalization in recent days, reaching $160 million. In "Chart 1" we can see its current market capitalization.
In the last 24 hours alone, this token has had a growth of +31.52%, according to dextools. So far it is in the top 1 on the DEX platform and is one of the best performers since its release on November 3. In "Graph 2" we can see the growth since its release.
As a result of this, many took advantage of that initial hype and went all in, despite the fact that the gas fees of the #Ethereum network are very high lately. Even some of the initial buyers made use of trading bots to buy faster.
So I chose any wallet to analyze in more detail the returns obtained from its operations and the results are impressive. In "Graph 3" we can see the latest operations of this wallet according to the Arkham Intelligence platform.
This wallet in question has made two purchases, the first was made on November 9, buying almost 3 ETH from GROK ($6,362.01) and sold on November 10 at 6.34 ETH ($13,186.39), obtaining a profit of $6,824.38, that is, a return of +107%. In Chart 4 we can observe the purchases and sales in more detail.
While the second purchase was made on November 11, investing 6.2 ETH in GROK ($12,729.59) and sold it today at 10,183 ETH ($42,064.36), obtaining a profit of $29,334.77, with a return of +230%. In "Graph 5" we can observe the purchases and sales in this period in more detail.
These types of new tokens that come out take advantage of the trend, some investors take risks and take advantage of it, to obtain good returns, however, the risk is high. Now the token is in a mess and there are many "red flags", so investors are starting to buy carefully.
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