Grok’s self-named memecoin ‘GrokCoin’ reaches $20 million in market cap

Elon Musk’s AI chatbot Grok’s self-named GrokCoin has accumulated a market cap of $20 million and a trading volume of $100 million just an hour after its launch.

On March 7, an X user asked the social media platform’s built-in AI chatbot Grok what it would name its memecoin. Grok then responded to the query, saying that it would suggest the name “GrokCoin,” citing reasons such as its ties to the AI chatbot’s name and calling it “catchy” enough for crypto traders.

“Memecoins often draw inspiration from internet trends and humor, like Dogecoin (DOGE) ‘s dog meme roots, and can gain traction through community engagement on platforms like X,” wrote Grok in its generated post, it also provided a contract address for the token.

Shortly after the post went viral, the Solana (SOL)-based token has shot up to nearly $100 million in trading volume. Its market cap bounded as high as $20 million, before slipping back between $15 million to $12 million. At press time, the token has gone up nearly 65% and is currently trading hands at $0.018.

According to data from GMGN, the token has maintained liquidity of nearly $1 million and has a token supply of 1 billion tokens. Approximately 12,463 traders currently hold GrokCoin following its launch, with a net buy of $180,000.

Aside from the self-named GrokCoin, there is already a Grok token on the market. The token called GROK was launched on Ethereum (ETH) long before the GrokCoin was created. According to CoinGecko, GROK went up 8.2% after the memecoin went viral and is currently trading hands at $0.003.

Grok is already on its latest update, Grok 3. Launched last February, Grok 3 was built by X owner Elon Musk’s tech startup xAI. Musk claimed on his X account that Grok 3 is the “smartest AI on Earth.” When the AI chatbot was first announced by Musk in November 2023, several developers launched GROK-copycat coins that rallied as high as 30,000%.