Elon Musk Inflates $Grok Crypto Token by 65% in One Hour with False Promises

Elon Musk’s recent tweet caused a significant increase in the trade price of an unofficial token associated with the Grok AI tool. Grok is an AI chatbot created by Elon Musk’s artificial intelligence (AI) company xAI. The chatbot, inspired by The Hitchhiker’s Guide to the Galaxy, is known for its clever and rebellious responses. Grok can access real-time information through the X platform (formerly Twitter).

On April 27, 2024, Elon Musk posted an image of a robot with the “Grok” logo on the X platform. The Grok robot was depicted sitting at a table wearing thug goggles. While Musk’s tweet was not related to any cryptocurrency project or token, many interpreted it as a positive sign for the $Grok token. As a result, the trade price of the Grok token surged by nearly 65% within an hour, and it remains 37% higher over the past 24 hours.

It is important to note that there are currently three Grok tokens being traded in the cryptocurrency sector, but none of them are officially endorsed or supported by Elon Musk or his company. Musk has repeatedly stated that his company has not backed or launched any existing crypto tokens and has cautioned people to avoid such tokens.

Elon Musk has been a vocal supporter of Dogecoin (Doge) as a leading cryptocurrency for digital payments since 2020. Thanks to Musk’s influence, Dogecoin is now among the top 10 cryptocurrencies in terms of market capitalization. Two weeks ago, Musk shared a meme related to X, indirectly promoting Dogecoin and causing its trade price to increase by nearly 7%.

For more information, read: Vitalik admits Ethereum (ETH) was centralized with Proof-of-Work (PoW) consensus.

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