The Grok Chatbot, developed by Elon Musk's XAI Ventures, has caused the value of an obscure Grok token to skyrocket by more than 1300% since its release. On November 5, XAI, led by former individuals from top companies like Google and Deepmind, introduced Grok as a competitive chatbot to rival OpenAI's ChatGPT. Despite still being in the beta phase, Grok was designed to have a more humorous and unrestricted nature compared to its counterparts.
In the wake of this company launch, nearly four hundred tokens related to artificial intelligence emerged on various blockchains. This created abundant opportunities for speculation, leading small-scale traders to invest millions in these tokens and driving their market values to record highs.
According to Dextools data, one of the GROK tokens launched on the Ethereum blockchain saw a remarkable 1300% surge since its debut. At the time of writing, this token had a market capitalization of around $10 million and was held by approximately 4,310 individuals. Another GROK token, created recently on Saturday, currently boasts a market cap of $4.52 million distributed among 381 holders. Notably, it has also experienced $4.78 million worth of transactions within 24 hours, reflecting a growth of 387.19%.
Both prior to and after his acquisition of X, Elon Musk has consistently wielded significant influence over the cryptocurrency community. Musk's actions and tweets throughout the years have consistently impacted the market. Notably, his involvement in Dogecoin has largely been credited for its growth. Consequently, these actions of Musk have been cited as evidence to accuse him of manipulating the market.
More recently, an unnamed X token experienced a surge following Musk's decision to rebrand Twitter as X.