Elon Musk Tweets About Grok And The Meme Coin Rallies 69%: It 'Will Become The Most Viral Meme,' Says Trader

A meme coin inspired by Elon Musk's artificial intelligence chatbot Grok is up 69% in the last week, following several Grok-related posts by Musk.

What Happened: Grok surged 165% over the past month and is up 11% on the day, per DexScreener data.

Trading volumes crossed the $10 million mark, with 18,090 holders and a liquidity of $5.3 million.

The meme coin launched in November 2023 and shot to an all-time high valuation of over $180 million within a month. It is currently trading around a valuation of $130 million.

The meme coin’s current rally may be caused by Elon Musk tweeting about Grok the chatbot, which is not affiliated with the meme coin.

Musk posted: “This week, @xAI will open source Grok.” Earlier in March, Elon Musk had mentioned that Grok would summarize these huge laws before Congress passed them.

Read Also: Elon Musk Mocks ChatGPT As xAI's Grok Gives 'Real Time' Updates On Bitcoin's Soaring Price

Why It Matters: The rally prompted social media traders to express bullish sentiments on the meme coin.

Crypto investor PetaByte said that Binance has its eyes on Grok and also added that he “can smell a new T1 exchange listing coming soon.”

The investor is uncertain if Kucoin or Binance would list the meme coin first. “Seems inevitable for both to be listed due to the demand. $120m volume is too much to ignore,” he added.

In another tweet, PetaByte stated,

#Grok will become the most viral meme of this cycle.

Meme + AI is the ultimate alpha. pic.twitter.com/dDRIGL57K6

— Peta₿yte (@PetaByteCapital) March 12, 2024

Nvidia’s AI event, the GTC24 Conference, scheduled to take place March 17-21, may be contributing to the rally of crypto AI projects.

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