Elon Musk announced the launch of Grok, which aims to challenge OpenAI’s popular ChatGPT model. Grok is the first product from his new xAI artificial intelligence company.
Elon Musk announced the launch of Grok, which aims to challenge OpenAI’s popular ChatGPT model. Grok is the first product from his new xAI artificial intelligence company, and is said to be modeled after the “The Hitchhiker’s Guide to the Galaxy.”
Following the launch, anonymous developers flooded the crypto market with roughly 400 GROK tokens over the weekend. These tokens have quickly built a combined market capitalization of tens of millions of dollars, allowing early investors to reap considerable returns.
Within a few days, the earliest GROK token on Ethereum (ETH) had a market value of $10 million, with trade volumes of $10 million worth of tokens exchanged for ether in the previous 24 hours. Similarly, another GROK token on the Base network reached a valuation of $4.32 million with $3.5 million in trading volume.
However, not all GROK releases have been credible. At least ten developers have engaged in "rug pulls," abruptly withdrawing liquidity from their tokens, resulting in speculators losing more than $1 million.
While the creation of these meme tokens based on popular events is not new, many of these tokens tend to fail as the initial excitement fades. Previous instances of tokens based on tweets or jokes saw their value drop by 99% in a matter of weeks.
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