The Grok (GROK) token, unofficially associated with Elon Musk's recently launched AI service, experienced a volatile rally.

The Grok (GROK) token, unofficially associated with Elon Musk's recently launched AI service, experienced a volatile rally, reaching a market capitalization of $160 million in just eight days since launching.

The token surged 13,000% over the past week, peaking at a high of $0.025, according to CoinMarketCap, before crashing almost 50% to trade at 0.012 currently. Despite significant trading volumes and reaching a market capitalization of $160 million, liquidity was limited on the main Uniswap trading pair, leading to concerns about potential price crashes.

The ease of token creation and trading on decentralized exchanges has led to the creation of numerous memecoins riding on the latest trends, such as the spot Bitcoin ETF applications.

Elon Musk's Grok AI recently launched to compete with popular AI chatbot offerings such as Google's Bard and OpenAI's ChatGPT.