A token has experienced an astounding rally, skyrocketing by more than 650% within a 24-hour period. This sudden surge in value comes alongside the unveiling of Elon Musk’s AI Chatbot named Grok.

What Happened: Over the weekend, X, previously known as Twitter and currently owned by Musk, introduced the highly anticipated AI Chatbot Grok. 

CoinDesk reports that during this time, approximately 400 GROK tokens were released by anonymous developers into the cryptocurrency community. As a result, these tokens collectively garnered a significant market cap in the millions, proving especially profitable for early investors who purchased them.

Musk’s Grok is an artificial intelligence chatbot inspired by the popular science-fiction series, The Hitchhiker’s Guide to the Galaxy, and boasts a rebellious nature. Musk, who recently expressed concerns about the potential dangers of AI, announced that Grok would be available to premium subscribers on his X platform after undergoing thorough testing. Notably, Grok possesses access to user posts on X and has a knack for delivering sarcastic responses.

However, it’s crucial to mention that the value of the GROKAI token currently stands at $0.023. According to data from Dextools, the liquidity for this token amounts to $301.96K, while the circulating supply remains undisclosed. The total market capitalization amounts to $406.75K, supported by a 24-hour trading volume of $176.22K.

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Why It Matters: It’s important to exercise caution as the low trading volume signifies a potential risk for traders involved in GROKAI. This particular token’s journey shows the power of blockchain and Web3 technology, enabling anyone to create smart contracts and issue tokens on Ethereum or other blockchains for a minimal cost. By utilizing decentralized exchanges, these tokens can be swiftly introduced into the market, provided with liquidity, and made available for immediate trading.

It should be noted that Musk has unequivocally stated that none of his companies, including xAI, will ever create cryptocurrency tokens.

Historically, the crypto market has witnessed opportunistic individuals capitalizing on trending topics, often creating tokens connected to influential figures such as Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin or even to jokes originating from official Twitter accounts, like McDonald’s. As the popularity of cryptocurrencies continues to grow, it is crucial for investors to remain vigilant and thoroughly research tokens before engaging in any financial transactions.

Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $36,338.55 up 2.29% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Igor Faun on Shutterstock

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