Because Elon Musk Launches AI Grok, This Copy Crypto Skyrockets 1,300%

A mock token using the name Grok has skyrocketed by more than a thousand percent. Grok chatbot developer XAE denied issuing crypto tokens. (Photo; Doc. TeknoWire)

JAKARTA - The crypto world has been shocked again by the latest innovations from Elon Musk, founder of XAI Ventures and owner of X (formerly Twitter). He has just launched Grok's chatbot, which is claimed to be the most funny and uncensored chatbot ever. This chatbot has influenced the price movements of tokens with similar names related to chatbot technology.

For information, Grok is a chatbot generated by XAI, a new AI company founded by Elon Musk with alumni from major companies such as Google and Deepmind.

The chatbot launched on November 5 and is still in beta, but has attracted many users because of its intelligence and freedom of communication. Grok is ready to compete with other chatbots such as the ChatGPT created by OpenAI, a nonprofit organization also founded by Musk.

The appearance of this Grok chatbot has apparently affected the token market related to AI technology. According to data from DexTools, a crypto analysis platform, since XAI was launched, about four hundred AI tokens have appeared on various blockchains.

This condition opens up opportunities for speculators, who attract traders with small capital to buy these tokens, thus pushing their market cap to an all-time high.

One of the tokens affected and most prominent is the GROK token, which was launched on the Ethereum blockchain. The token has risen 1300% since its debut. The token has a market capitalization of around 10 million US dollars (IDR 155.75 billion) and around 4,310 holders at the time of writing. Despite 17% losses in the last 24 hours, its trading volume has reached 7.32 million US dollars (IDR 113.81 billion).

Another GROK token created on Saturday currently has a market capitalization of US$4.52 million (Rp 70.30 billion), which was distributed to 381 holders. In addition, this token has also witnessed transactions worth US$4.78 million (Rp74.35 billion) in 24 hours, with a growth of 387.19%.

Despite the surge in new GROKs in the market, neither XAI nor Elon Musk have announced the launch of tokens related to their chatbots. In order to avoid fraudulent acts or scamming, investors or retail traders are expected to be careful considering chatbot developers Grok have not confirmed the ownership of these tokens.