A Grok token, not officially attached to Elon Musk’s recently launched AI service, has hit a market capitalization of $160 million just eight days after its debut. The token has experienced a lot of volatility, dropping as low as $78 million, and has seen its value soar by 13,000%. Despite 11,500 holders and high trading volumes, liquidity for GROK-USD is limited, which raises the risk of a price crash. The token’s popularity has been fueled by Grok—the AI chatbot service—despite the tokens not being affiliated with the actual AI service. There are other players in the AI chatbot space, such as Google’s Bard and OpenAI’s ChatGPT Plus subscription-based version. Snapchat has also unveiled “My AI,” and LinkedIn has launched a new AI chatbot designed as a “job seeker coach.” This article was written with the assistance of AI and edited and fact-checked by Stacy Elliott.
You can read more about this topic here: Decrypt: Grok Meme Coin Makes Millions Using Same Name as Elon Musk’s AI Chatbot