Billionaire businessman Elon Musk caused an increase in value of over 20% in the cryptocurrency GROK with his post on his social media platform. On December 5, when Musk published a photo of a post shared by Grok and used the phrase “Grok”, there was an immediate rise in the price of the cryptocurrency of the same name.
Artificial Intelligence and Cryptocurrency
Grok stands out as an artificial intelligence chatbot developed by xAI, owned by Musk. Artificial intelligence based on these large language models attracts attention with its conversational and productive structure. According to CoinGecko data, the GROK/USDT trading pair, which took off shortly after Musk’s post, increased by 55% from $ 0.0111 to $ 0.0172 on the cryptocurrency exchange Mexc. GROK is currently trading at $0.0169.
No connection
Although GROK is listed on the Mexc exchange and has no direct connection to the artificial intelligence language model company, cryptocurrency speculators seized on Musk’s post.
Previously, the emergence of news about the first sales of Tesla’s CyberTruck caused shitcoins such as GFY, TRUCK and GROK to rise.
Elon Musk and Influence
As a result, Elon Musk’s Grok post had a significant impact on the cryptocurrency market and aroused great interest among investors. Such events can cause rapid and unexpected price movements in the cryptocurrency world.