GROK Token, inspired by Elon Musk’s Grok AI, reached a market cap of $160 million in the latest craze. Total liquidity for the altcoin is a paltry $3.5 million on decentralized exchanges. This means that a single significant sell-off could instantly topple the rally.
The altcoin inspired by Elon Musk’s Gork AI has flown!
cryptokoin.comAs you follow from , Elon Musk has become a dominant character in the crypto world. An altcoin inspired by Grok AI, the artificial intelligence service of Elon Musk-owned social app X, reached a market cap of $160 million just eight days after its launch. So it joined a number of speculative crazes this year, ranging from frog-themed tokens to hamster races.
Grok (GROK) prices have more than doubled in the last 24 hours, bringing their one-week rise to 13,000%, according to DEXTools. This means that $100 invested in tokens would bring in $1,300 over a seven-day period. Meanwhile, the GROK token has 11,000 holders. Additionally, it has seen $25 million in trading volume in the last 24 hours at the time of writing. This altcoin was the first of other GROK tokens created by developers on various Blockchains. It seems that most of them either lost or failed to gain value after being exported.
Investors need to be very careful!
The largest GROK holders are sitting on $2.1 million to over $6 million in unrealized profits, according to DEXTools data. However, the available liquidity for the GROK-USD pair is only $3.5 million as of Monday. So it is possible for a single large sell-off to completely reverse the rise in altcoin price.
Meanwhile, Grok, the artificial intelligence chatbot service of the giant social media platform X, was launched last Saturday. Previews show that the service is relatively more graphic and humorous than current players. This apparently helped it quickly gain a cult following.
It is possible for anyone to issue tokens for a few cents on Ethereum or other blockchains with a smart contract. Additionally, the existence of decentralized exchanges adds a different dimension to the business. Because in this way, tokens can be issued instantly and liquidity can be provided. Thus, the token soon finds an anal where it can be bought and sold. Finally, all Grok altcoin projects have nothing to do with the actual Grok AI service. That’s why investors need to be careful and take into account the possibility of such projects being scams.
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