GROK tokens surge as Elon Musk debuts his new AI chatbot

Some tokens that share the same name as Musk’s chatbot Grok surged by more than 30,000% in price, although their legitimacy is unclear.

New shady tokens emerge on the decentralized finance (defi) market as American billionaire Elon Musk unveiled his new artificial intelligence chatbot dubbed Grok.

According to data from DEXTools, around 394 tokens mention GROK in their name to lure inattentive investors.

GROK tokens surge as Elon Musk debuts his new AI chatbot - 1
Fake Grok tokens | Source: DEXTools
You might also like: Squid Game crypto token scammer tracked by podcasters

Some of the tokens demonstrate an extremely high level of daily volumes, registering millions of dollars worth of crypto.

A token called GrokDogeX is showing a ridiculous 31,000% surge in price over the past 24 hours, even though the token itself was launched on Nov. 5, 2023.

GROK tokens surge as Elon Musk debuts his new AI chatbot - 2
GrokDogeX price surge | Source: DEXTools

Many, if not all, self-developed eponymous tokens that flood the defi market eventually turn out to be scams. They quickly collapse in price, leaving investors with worthless coins.

As per DEXTools, most Grok-aimed tokens appeared on the market shortly after Elon Musk launched his new chatbot to rival ChatGPT and others. It is yet to be seen if deployment contracts of these tokens have hidden features that would cost investors millions of dollars.

It is worth noting that before the launch, Musk took to X to emphasize that “none of my companies will ever create a crypto token.” However, as crypto.news earlier noted, the statement has not entirely ruled out Musk’s interest in cryptocurrencies.

Known for his admiration of Dogecoin (DOGE), a cryptocurrency that started as an Internet meme, Musk has a history of stirring the crypto pot. For example, in 2021, he was reported to have collaborated with DOGE developers for an eco-friendly alternative to Bitcoin (BTC).

Read more: Elon Musk has big plans for crypto: analyst
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

ETH’s Path Could Be Cleared To Reach $2,200: Analyst

Image
An analyst shared his predictions for BTC and ETH in an X post yesterday. If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200. The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area. A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200. $ETH Closing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O — Pentoshi euroPeng (@Pentosh1) October 29, 2023 De
Read more

Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Image
In the realm of crafting written content, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity serves as the gauge for textual intricacy. Meanwhile, burstiness is the measure of sentence diversity, assessing the ebb and flow of sentence length and complexity. Lastly, predictability indicates the likelihood of anticipating the subsequent sentence. In human-authored content, you often encounter bursts of creativity, with a mosaic of lengthy, intricate sentences interspersed with concise ones. On the contrary, AI-generated content tends to maintain a more consistent rhythm. In light of these considerations, for the upcoming content I’m about to request from you, it’s imperative to strike a balance. We need a significant degree of perplexity and burstiness while minimizing predictability. Additionally, please adhere to the use of the English language exclusively. Now, let’s reimagine the following text: Speculation has arisen from Bloomberg
Read more

Coinbase CEO Brian Armstrong Addresses Regulatory Concerns in Crypto

CEO Brian Armstrong emphasized the need for clear regulations in the United States. Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure. Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings. Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance. Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.” “There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen,
Read more