A specific Grok token noticed value positive factors probably because of information across the public launch of an AI chatbot backed by Elon Musk and his social community X, previously Twitter.
The value of GROK, one in all a number of tokens impressed by Musk’s OpenAI rival, soared over 16% in 24 hours. Its each day buying and selling quantity was round $20 million.
GROK’s totally diluted market cap stood at $48 million days earlier than the total launch of Grok AI, a chatbot powered by synthetic intelligence and stated to compete with OpenAI’s chatGPT. It’s vital to notice that GROK and different comparable cryptocurrencies will not be affiliated with Musk’s AI enterprise.
Nameless and pseudonymous builders spun up a handful of GROK-themed cash when Musk introduced his plans on Nov. 4. These cash collectively rallied over 30,000% at one level.
On Nov. 13, GROK’s market cap reached as excessive as $120 million earlier than falling sharply because of a submit from crypto sleuth ZachXBT. The on-chain investigator highlighted hyperlinks between earlier rip-off initiatives and this AI token, resulting in the supposed “FUD” surrounding the coin and its developer, who’s unknown.
The mission’s backers and supporters assembled on an X Areas in a bid to debunk ZachXBT’s assertions, arguing that the crypto Sherlock revealed incorrect data concerning GROK and its deployer.
Musk stated his Grok AI ought to roll out to all X premium customers between Nov. 26 and Dec. 2, 2023.
Whereas typically unrelated to mainstream AI efforts, crypto AI tokens have turn out to be a trending narrative for digital asset contributors and have attracted over $6 billion per CoinGecko knowledge.