Cryptocurrency with the same name as Elon Musk’s artificial intelligence platform GROK, witnessed a remarkable rise, registering a 650% increase in 24 hours. This strong increase in the token’s price coincides with the recent launch of the altcoin.
Notably, following the launch of Grok over the weekend, anonymous crypto developers offered certain amounts of the token to the public. These tokens quickly reached a market cap of millions of dollars and generated significant returns for early investors who purchased them at lower prices.
Elon MuskIt is claimed that ‘s artificial intelligence chatbot Grok was named after a character from the classic science fiction series “The Hitchhiker’s Guide to the Galaxy”.
It is worth noting that GROK has no connection with Elon Musk or any of his companies. Clarifying the issue in a recent statement, Musk stated firmly that his companies will never create a cryptocurrency. As Koinfinans.com reported, the statement came after the emergence of a meme coin called XAI.
The emergence of the xAI token coincided with Musk’s announcement of his new artificial intelligence startup xAI, the company behind the beta version of the Grok system. In response to the developing events and potential confusion among investors, Musk said: “To be very clear, none of my companies will ever create a crypto token.”
Meanwhile, XAI and GROK are not the only examples of opportunistic developers coming up with meme cryptocurrencies banking on Elon Musk’s reputation and activities. Following Twitter’s rebranding as X, a meme token named “X” emerged with the same name. This coin had experienced a staggering increase of over 10,000% in the first 24 hours after its launch.