Several GROK tokens have emerged in the cryptocurrency market following Elon Musk’s announcement of GROK, an AI chatbot poised to rival ChatGPT. In just a few days, approximately 400 tokens have been released by new developers who draw inspiration from GROK, with hopes of replicating the success of Dogecoin (DOGE) and Shiba Inu. Currently, the total market capitalization of these GROK tokens has reached tens of millions, as small-scale investors aim to make short-term profits from their initial investments.
The emergence of blockchains and web3 technology has made it easier for developers to issue tokens on multiple networks, and subsequently list and trade them on decentralized exchanges before gaining acceptance on centralized platforms. In recent years, the crypto market has witnessed the rise of memecoins, a category of altcoins created around specific events or communities as a form of satire or humor, without offering significant utility. However, memecoins gained popularity with the success of Dogecoin and Shiba Inu, earning them the title of “billion dollar jokes”.
