July 9, 2024

Inspired by Elon Musk's AI chatbot of the same name, the GROK memecoin launched in November 2023 and quickly gained attention, reaching a market capitalization of over $160 million within eight days. This rise was fueled by a series of tweets from Elon Musk mentioning Grok AI, even though there is no official connection between Musk's AI and the GROK token. Driven by social media buzz and high trading volumes, the coin's value surged 165% in one month.

What is the GROK token?

GROK's tokenomics strategy includes a burn mechanism. Recently, the developers burned 90 million GROK tokens from the deployer wallet, which at the time was valued at approximately $1.2 million. This action was part of an effort to stabilize the value of the token following the discovery of fraudulent links associated with the launch. The burn reduces the circulating supply, potentially increasing scarcity and supporting the token's price over time.

Here are some other things you need to know about the token:

  • Trading Volume (24h): The trading volume of GROK in the past 24 hours is $6,594,413.
  • Circulating Supply: The circulating supply of GROK is 6,320,723,099 tokens.
  • Total Supply: The total supply of GROK is 6,596,450,430 tokens.

Trade GROK

Join the GROK community today and be part of the next big thing in crypto! Head over to our trading page and secure your first tokens.

! Disclaimer

The information provided in this article is for educational and informational purposes only and should not be construed as financial, tax, or legal advice or recommendation. Dealing with virtual currencies involves significant risks, including the potential loss of your investment. We strongly recommend you obtain independent professional advice before making any financial decisions. The products and services offered by Cryptology may not be suitable for all users and may not be available in certain countries or jurisdictions. The promotional materials do not guarantee any specific outcomes or profits from virtual trading. Past performance is not indicative of future results. It is important to read and understand the risks, which are explained in our Risk Disclosure Statement

Tom F.

Tom is one of the content managers here at Cryptology. While still fresh in his career he has been able to firmly place himself within the world of crypto and content creation, producing work for a number of publications including esports.net and The Times of Malta newspaper.