According to CoinDesk, nearly 400 different GROK tokens were released by anonymous developers over the weekend, reaching a combined market capitalization of tens of millions of dollars. These tokens are inspired by Grok, an AI chatbot service by social application X that began rolling out on Saturday. The service is more uncensored and humorous than existing players, which has helped it quickly gain a cult following.
Blockchain data shows the earliest GROK token was issued early Saturday on Ethereum and reached a market capitalization of $10 million as of Monday morning. It has 4,600 holders, and $10 million worth of the tokens were traded for ether (ETH) in the past 24 hours. Another GROK on the Base network has reached a $4.32 million capitalization with $3.5 million in trading volumes in the past 24 hours.
However, not every release has been well-intentioned. Developers behind at least ten different GROK releases have already “rug pulled” – or removed the liquidity of their tokens – leading to cumulative losses of more than $1 million for speculators. Such tokens are not a new spectacle, as opportunistic players have previously created tokens based on tweets from Ethereum co-creator Vitalik Buterin and jokes from McDonald’s official Twitter accounts. Most of these tokens lose 99% of their value in the weeks following the hype.
