GROK

Clumsy Dragon

BALD

Elon Musk

<div class="cryptonews">
 <p class="is-style-lead">GROK raced to a $100 million market cap in under two weeks as traders speculated on the coin spurred by Elon Musk’s AI endeavor.</p>
 <p>Eight days after its debut, one of the GROK-named <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, $GROK, has achieved a sizable <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization of over $120 million across decentralized exchanges, according to data from DEXTools.</p>
 <p>The token shares a name with Grok AI, an artificial intelligence platform launched by Elon Musk and his social network X, formerly Twitter. However, it’s not related to the project, same as other tokens.</p>
 <p>As of Nov. 13, $GROK <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> boasted some 11,000 holders, with the top five wallets valued at roughly $25 million.</p>
 <p>Trading volume for the AI-inspired crypto also surpassed $28 million, although liquidity sat under $2 million at press time. This means a significant sell order could theoretically trigger a massive decline in GROK’s market price.</p>
 <figure class="wp-block-image size-full"><picture decoding="async" class="wp-image-14215188">
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   <img decoding="async" width="2256" height="1240" src="https://cdn.thebittimes.com/images/2023/11/13/6642cf6b19b2295182b72134da08bf7b.webp" alt="Elon Musk-styled GROK token buoys over $120m market cap - 1"> 
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   GROK token data | Source: DEXTools
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 <p>However, the data is not yet confirmed by other crypto stats websites, such as CoinMarketCap and CoinGecko— the last one hints at $133 million in fully diluted valuation.</p>
 <p>The token is one of several cryptocurrencies launched on Nov. 6, shortly after billionaire Elon Musk announced his so-called OpenAI competitor. Several of these coins have fallen short of expectations, either stalling in price movements or turning out to be rug pulls.&nbsp;</p>
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 <p>Launching <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s incentivized by trends and personalities is not uncommon within the crypto ecosystem, which has seen its fair share of memecoin mania and “degenerate” trading frenzies. From hamster racing to Pepe-the-frog-theme altcoins, participants seemingly crave speculative plays where a few bucks could grow into thousands overnight.&nbsp;</p>
 <p>In July 2023, a pseudonymous developer released a token dubbed BALD on Coinbase’s L2 network Base.&nbsp;</p>
 <p>BALD was inspired by the haircut of Coinbase CEO Brian Armstrong and surged over 40,000% in two days, raking in massive gains for buyers and skyrocketing Base’s blockchain activity.&nbsp;</p>
 <p>Holders were left with worthless <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s hours later as the dev pulled liquidity in an apparent exit scam, causing the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> to plunge in price and kickstarting a manhunt for the creator’s identity.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Twitter user unveils possible mastermind behind BALD rug pull
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/elon-musk-styled-grok-token-buoys-over-120m-market-cap-tbt70114.html">https://thebittimes.com/elon-musk-styled-grok-token-buoys-over-120m-market-cap-tbt70114.html</a></p>

Elon Musk-styled GROK token buoys over $120m market cap

TheBitTimes

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