The cryptocurrency market was rocked by tremendous volatility at the weekend. Interestingly, the $GROK token increased almost 86% after Elon Musk made an announcement about the impending launch of Grok 3, the latest AI chatbot of his company, xAI.
The announcement has attracted plenty of attention in light of other popular cryptocurrencies like Bitcoin being under reversals.
$GROK Token Performance
According to CoinGecko statistics, the $GROK token posted an 86% one-day increase, with volumes of nearly $28 million. The surge is attributed to the buzz over the Grok 3 AI assistant, which Musk has touted as the “smartest AI on Earth.” The AI goes live today, Monday, February 17, 2025, with a live demonstration on social media platform X.
This increase in the $GROK token is the opposite of the performance of Bitcoin (BTC) and Ethereum (ETH). While Bitcoin fell by 1.1%, and Ethereum fell by 0.6%, other major cryptocurrencies such as XRP and Solana fell by 1% and 2.7%, respectively.
Market Overview
The total crypto market dropped around 2.5% at the weekend. In spite of this decline, smaller altcoins and meme tokens such as $GROK, Swarm (BZZ), Pepecoin (PEP), and Golem (GLM) were some of the top-performing assets. The altcoins picked up support as investors transferred their focus away from large assets to potential in newly released tokens.
Musk’s announcement sent a ripple in the market, triggering higher interest in similar tokens. The $GROK development team made it clear that the token has no relation to Musk or xAI, claiming that its genesis lies in meme culture and entertainment.
Grok 3 anticipation
Elon Musk stated that the Grok 3 AI assistant would be unveiled on Monday. He signified that he would be taking the weekend off, making some last-minute product tuning prior to the live demonstration. The strategic move has escalated anticipation from investors and technology fans.
Grok AI assistant has been positioned as a more evolved successor of its earlier counterpart, Grok 2. Musk has been very positive about Grok 3, claiming that it is a dramatic advance in AI technology. The live demo is likely to create huge interest, once more affecting the market dynamics.
As investors eye today’s release of Grok 3 AI, the differing fate of $GROK and major cryptocurrencies like Bitcoin demonstrates just how changing the dynamics in markets have become. The decision also serves to remind of rising overlap between artificial intelligence and cryptocurrency, something which is only likely to shape the direction of the future industry even further.
