The Grok (Grok) token experienced an impressive 82% Growth in price on Sunday, fueled by Elon Musk’s confirmation of the official launch of the Grok 3 chatbot, set to debut on Tuesday.
As of now, the token’s price has climbed by over 59%, reaching approximately $0.005330, with a market capitalization of around $33.27 million. Additionally, Grok’s trading volume has seen a remarkable increase of 323.65%, hitting $31.82 million.
Grok Token Soars as Musk Announces Grok 3 Chatbot Launch
Developed by Musk’s technology startup xAI, Grok 3 is scheduled for release on Tuesday at 8 PM Pacific Time. Musk took to X to boast that Grok 3 is “the smartest AI on Earth”.
Grok 3 is poised to enter a fierce competition with established players such as ChatGPT from OpenAI and Google’s Gemini. Another competitor in the arena is DeepSeek, a cost-effective startup based in Hangzhou, China.
It remains to be seen whether Grok 3 will benefit from being under the xAI umbrella. While xAI has successfully attracted $6 billion from investors, including Nvidia, AMD, and funds from Saudi Arabia and Qatar, it still lags behind OpenAI, led by Sam Altman, who recently rejected Musk’s $97.4 billion buyout offer.
It’s important to note that the association with Musk comes with its own set of challenges. In November 2023, anonymous developers launched several imitation GROK tokens just days after Musk announced the release of xAI’s first AI model to a select group. These tokens experienced a staggering growth of over 30,000% at one point.
Since then, Musk’s controversial statements and political endorsements have seemingly aligned him with Donald Trump’s supporters, but reports suggest that this has also alienated others.
Moreover, Tesla’s global sales have been declining, and X, the social media platform formerly known as Twitter, has seen a sharp drop in users since Musk’s acquisition.
However, the narrative at xAI might be different. According to Bloomberg, the company is valued at $75 billion and is currently in the process of raising $10 billion in venture capital.
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