Just eight instances after its launch, a token influenced by Grok AI, an artificial intelligence platform by Elon Musk’s social app X, has surged to $116 million in business liquidity. This phenomenon is part of the recent wave of speculative frenzies, ranging from rat racing to tokens themed around pigs.
As per DEXTools, Grok (GROK) prices have more than doubled in the past 24 hours, continuing a week-long surge of 13,000%. This implies that an initial \(100 investment in the tokens could have yielded \)1,300 within a seven-day span.
The GROK token has garnered 11,000 holders, with trading volumes reaching $25 million in the last 24 hours. Several other iterations of GROK tokens have been introduced by developers on different blockchains, with many either experiencing a rapid loss in value or falling victim to rug pulls. However, this specific token was the inaugural one in the series.
According to data from DEXTools, the primary GROK holders stand to realize profits ranging from \(2.1 million to over \)6 million. Nonetheless, as of Monday, the available liquidity for the GROK-USD pair stood at a mere $3.5 million, indicating that a substantial sell-off could potentially reverse the upward trend completely.
Grok, an AI robot service provided by X, made its debut last Saturday. Previews suggest that the platform offers a more unfiltered and humorous experience compared to its counterparts, contributing to its rapid cult-like following.
Anyone can engage in smart contracts and issue tokens on Ethereum (or other blockchains) for a nominal fee, and thanks to decentralized exchanges, these tokens can be promptly issued, infused with liquidity, or traded shortly thereafter.
It is important to note that the Grok AI service is distinct from and unrelated to any of the existing grok tokens.
