Recently, a trader has drawn a lot of attention in the cryptocurrency community for racking up approximately $2.5 million in profits, a 6,102% gain, by trading the meme-based cryptocurrency Grok (GROK), a new token that rivals Dogecoin ( DOGE) and Shiba Inu (SHIB). .
Grok, a new AI Chatbot, inspired by Douglas Adams' science fiction novel โHitchhiker's Guide to the Galaxyโ, which aims to compete with Microsoft's Copilot (previously known as Bing Chat), Google's Bard and OpenAI's ChatGPT by being more fun and less fun. Wake was announced by Elon Musk's artificial intelligence startup xAI on November 4, 2023.
According to xAI advertisementDistinguished by his wit and rebellious nature, Grok is designed for users who appreciate humor in their interactions with AI. A unique feature of Grok is its real-time knowledge of the world due to its integration with Elon's X social media platform. This allows Grok to tackle bold and unconventional questions often avoided by other AI systems. Currently in its early beta stage after three months of development, Grok is expected to evolve rapidly with user interaction and feedback.
xAI's vision behind the creation of this chatbot is to develop artificial intelligence tools that help humanity in its search for knowledge and understanding. Grok aims to be a versatile research assistant that trains users of diverse backgrounds and political opinions. Currently, Grok is only available to X Premium+ subscribers in the United States.
The Ethereum-powered GROK token has the following tokenomics:
According to a article Published today by The Daily Hodl, blockchain tracking service Lookonchain reported that the trader achieved these profits through clever timing in buying and selling Grok (GROK). This token, inspired by but unrelated to Grok AI, a chatbot service on Elon Musk's X social media platform, has seen a substantial increase in value.
The trader's strategy involved buying GROK at a low price shortly after trading opened and then selling portions of the holdings on the Gate.io cryptocurrency exchange as the value of the memecoin rose. At the time of writing, the trader still holds almost 70 million Grok tokens.
Detailed transaction analysis:
- Initially, the trader bought a large amount of Grok just three minutes after trading began, locking in the tokens at a very low price.
- In less than 12 hours, the trader's investment had multiplied by 140.
- The trader then acquired more Grok tokens.
- Following the listing of Grok on Gate.io, the trader started depositing Grok to sell it for profit.
- The initial investment was 21.24 ETH (approximately $42,000), which was used to purchase 154.7 million Grok.
- The trader sold 11.88 million Grok for 18.44 ETH (around $37,000) on a decentralized exchange (DEX) and deposited 72.96 million Grok (valued at $1.38 million) on Gate.io.
- The trader currently holds 69.87 million GROK, worth approximately $1.16 million, culminating in a total profit of around $2.5 million.
At the time of writing, GROK is trading at around $0.01325711 and its market capitalization is $84.66 million.
Featured image via Grok Project
