A Particular Token Surges 16% Ahead of Elon Musk’s Grok AI Launch
A token called GROK experienced a significant price increase, possibly due to the news of the upcoming public release of an AI chatbot supported by Elon Musk and his social network X. Within 24 hours, the price of GROK rose by over 16%, with a daily trading volume of approximately $20 million.
GROK’s Market Cap and Cryptocurrency Scams
Prior to the full launch of Grok AI, the token’s fully diluted market cap was valued at $48 million. It is important to note that GROK and other similar cryptocurrencies are not associated with Musk’s own AI venture. When Musk announced his plans, anonymous developers created several GROK-themed coins, leading to a collective rally of over 30,000% at one point.
Controversies and Debunking Allegations
On November 13, GROK’s market cap reached $120 million before experiencing a sharp decline following allegations made by crypto sleuth ZachXBT. ZachXBT linked previous scam projects to the AI token, causing doubts and negative sentiment around its developer. However, backers and supporters gathered on X Spaces to challenge ZachXBT’s claims, asserting that incorrect information was published about GROK and its creator.
Musk’s Announcement and CoinGecko Data
Elon Musk stated that Grok AI would be available to all X premium users between November 26 and December 2, 2023. Although crypto AI tokens are generally unrelated to mainstream AI efforts, they have gained traction among digital asset participants, attracting over $6 billion according to CoinGecko data.
Hot Take: The Impact of Elon Musk’s Involvement in the Crypto Market
Elon Musk’s involvement in the crypto market continues to have a significant impact on various tokens and projects. News of his support for an AI chatbot backed by his social network X caused a surge in the price of GROK, highlighting the influence he wields. However, controversies and allegations surrounding GROK demonstrate the need for thorough research and skepticism in the cryptocurrency space. As Musk’s Grok AI prepares for its release, it will be interesting to see how it competes with other AI ventures and its potential impact on the market.
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