Trader Makes 6,102% Profit by Trading Meme-based Cryptocurrency GROK
A trader has recently drawn significant attention in the cryptocurrency community for amassing approximately $2.5 million in profits, a 6,102% gain, by trading meme-based cryptocurrency Grok (GROK), a new token that rivals Dogecoin (DOGE) and Shiba Inu (SHIB).
Grok AI Chatbot Competition with Tech Giants
Grok, a new AI Chatbot, that aims to compete with Microsoft’s Copilot (formerly known as Bing Chat), Google’s Bard, and OpenAI’s ChatGPT by being more fun and less woke was announced by Elon Musk’s AI startup xAI on 4 November 2023.
xAI’s Vision for AI Tools Development
According to xAI’s announcement, distinctive for its wit and rebellious nature, Grok is tailored for users who appreciate humor in their AI interactions. This enables Grok to address bold and unconventional questions, often avoided by other AI systems and is developed to assist humanity in its quest for knowledge and understanding.
Tokenomics of the GROK Token
The Ethereum-powered GROK token has the following tokenomics:
Lucky Trader Nets 6,102% Profit in Series of Trades
According to an article published earlier today by The Daily Hodl, the blockchain-tracking service Lookonchain reported that the trader achieved these profits through astute timing in buying and selling Grok (GROK).
Trader’s Strategy and Detailed Transaction Analysis
The trader’s strategy involved purchasing GROK at a low price shortly after trading opened and then selling portions of the holdings on the cryptocurrency exchange Gate.io as the memecoin’s value surged. At the time of writing, the trader still possesses nearly 70 million Grok tokens.
Detailed Transaction Analysis
- The trader initially bought a large amount of Grok just three minutes after trading commenced, securing the tokens at a very low price.
- Within less than 12 hours, the trader’s investment had multiplied by 140 times.
- The trader then acquired more Grok tokens.
- Upon Grok’s listing on Gate.io, the trader began depositing Grok to sell for profits.
- The initial investment was 21.24 ETH (approximately $42,000), used to purchase 154.7 million Grok.
- The trader sold 11.88 million Grok for 18.44 ETH (around $37,000) on a decentralized exchange (DEX) and deposited 72.96 million Grok (valued at $1.38 million) to Gate.io.
- The trader currently holds 69.87 million GROK, worth about $1.16 million, culminating in a total profit of around $2.5 million.
Current Market Situation of GROK Token
At the time of writing, GROK is trading at around $0.01325711, and its market cap is $84.66 million.
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