Over the past weekend, the crypto market witnessed the launch of approximately four hundred distinct GROK tokens by various anonymous developers. They collectively achieved a market capitalization soaring into the tens of millions of dollars, Fortune reports.
The tokens capitalized on the buzz surrounding the introduction of Elon Musk's AI chatbot called "Grok." Of course, none of them are officially affiliated with the controversial tech entrepreneur or his AI initiative.
A magnet for crypto opportunists
Musk's social media activities have a history of moving markets, whether it’s shares of his own companies like Tesla or cryptocurrencies like Bitcoin and Dogecoin. When Musk tweets, the crypto world listens — and often acts.
Opportunistic developers and traders frequently leap at the chance to create and market new tokens based on Musk's tweets and public announcements.
For instance, Musk's rebranding of Twitter to 'X' and his related ventures in AI and space technology have prompted a surge in similarly named tokens, with some experiencing dramatic price increases.
Floki Inu, one of the most popular meme coins, was established in response to a tweet from Musk where he mentioned that he would name his new Shiba Inu companion Floki.
Musk shuts down speculation
In a recent post on his X social media platform, Musk himself stated unequivocally that none of his companies would venture into creating a cryptocurrency token.
A few months ago, he also confirmed that there would never be an X token to shut down persistent speculation.