Memecoin of Elon Musk's Grok surges over 1,000% nearly a week after its inception
Quick Take
- The GROK token increased 1,050% just six days after its inception, amassing $112.2 million in trading volume.
- The memecoin was named after Grok, a new artificial intelligence endeavor from Elon Musk’s xAI announced on Nov. 5.
A meme token named after Grok, a new artificial intelligence endeavor spearheaded by Elon Musk's AI startup xAI, spiked over 1,000% just days after its inception.
The token launched on Nov. 7 — two days after Grok was announced — with CoinGecko first recording a price of $0.0019 and $9 million of trading volume over its first day. By Nov. 13, the price increased to a peak of $0.023, marking its big rise.
Grok's price has settled to $0.016 with a trading volume of $112.2 million since inception.
Grok price movement. Image: CoinGecko
What is the AI model Grok?
Elon Musk's AI startup called xAI announced a new project called Grok on Nov. 5. It has "real-time knowledge of the world" via the social media platform X, formerly known as Twitter, which Musk purchased for $44 billion in October of 2022.
"Grok is an AI modeled after the Hitchhiker’s Guide to the Galaxy, so intended to answer almost anything and, far harder, even suggest what questions to ask!" xAi wrote on X. "Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humor!"
The account ID for the Grok X page was associated with at least one other illegitimate crypto project, according to the crypto sleuth ZachXBT on X."
Updated with information on Grok's X page.
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