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Musk's AI Bot Grok Kicks Off: Is This Good for Crypto?

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Thu, 23/11/2023 - 14:30
Musk's AI Bot Grok Kicks Off: Is This Good for Crypto?
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The upcoming activation of Grok AI might change the way we use X (formerly Twitter). At the same time, for crypto traders and "DeFi degens," this launch comes with its own benefits and risks given the current status of issues with the bot on the most crucial social network for crypto enthusiasts.

Grok AI might amplify problem of bots, analyst raises concerns

The fact that X launches Grok AI without addressing the bot problem looks worrying for a seasoned crypto analyst, who goes by @DefiIgnas in X. Grok is set to process and analyze real-time data, including information about the most trending cryptocurrencies.

For instance, with Grok, traders will be able to find the most trending tokens of the last 24 hours or even the last 60 minutes, with no need to browse the relevant newsfeed manually.

Besides an innovative design, this function unlocks new opportunities for manipulations with X bots. Simply put, they can easily create an info bubble initiating campaigns to promote their tokens' tickers on Grok.

This, in turn, might mislead cryptocurrency traders who will likely integrate trading bots that "snipe" the assets that gain traction on X.

Given the fact that Grok AI is still lagging behind GPT-4 by a number of parameters, the effects of its implementation might be controversial:

X is already important for token discovery, and with Grok launching, the CT echo bubble can get worse. We'll see how it plays out soon.

As covered by U.Today previously, Elon Musk unveiled ChatGPT competitor Grok two weeks ago.

AI cryptos yet again ahead of market: Details

Grok is designed to harness real-time information from the X platform, giving it a significant advantage over its counterparts.

The segment of AI cryptocurrencies is positive days ahead of the activation of Grok. Per CoinGecko's data, top artificial intelligence coins by market capitalization are up by 9.2% in the last 24 hours. A number of mid-cap cryptocurrencies managed to post 30-50% overnight gains.

However, the top AI cryptos by market cap are in red: while Bittensor (TAO) and Render Network (RNDR) are down by 0.1-0.2%, SingularityNET (AGIX) and Fetch.AI (FET) lost 4-8%.

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