- The Grokcoin meme, suggested by Elon Musk’s AI robot, launched on the Solana blockchain, has quickly amassed a market cap of $27 million and trading volumes of $98.9 million.
- In a recent interview, Musk compared meme coin investments to casino gambling, which is driven by the Greater Fool Theory, which states that participants aim to profit by outsmarting others.
Grok, the popular AI robot on Elon Musk’s X platform, has stirred major excitement in the crypto space while proposing the name of its meme coin as “Grokcoin”. The suggestion came after Grok was prompted with leading questions, and it even provided a contract address for the token. The official Grok handle on the X platform reads:
$GROKCOIN, mentioned in the post, is a memecoin on the Solana blockchain, with the wallet address 3MadWqcN9cSrULn8ikDnan9mF3znoQmBPXtVy6BfSTDB. It’s inspired by xAI’s Grok AI, launched in November 2023.
According to data from CMC, the newly launched token has already amassed a market cap of $27 million, with trading volumes surging to $98.9 million. This development highlights the growing influence of AI-driven initiatives on the crypto market, fueling speculation and rapid adoption.
Elon Musk on Meme Coins
Elon Musk has long supported meme coins, especially Dogecoin. He also used the meme coin acronym DOGE to establish the Department of Government Efficiency in the Donald Trump administration. During his recent interview with Joe Rogan, Musk also opened up about what he thinks about meme coins.
Elon Musk likened the meme coin trend to a casino, describing it as a game of chance where investors primarily aim to be “smarter than others,” as mentioned in our last news story.
While Musk stopped short of directly criticizing meme coins, he emphasized that much of the activity in this space is driven by the Greater Fool Theory—a belief that profits can be made as long as there is someone willing to pay a higher price.
On the other hand, his Department of Government Efficiency has initiated key measures with a recent dividend proposal for US citizens. Elon Musk announced plans to discuss a proposal with President Donald Trump that would provide taxpayers with a $5,000 refund check.
According to economist Fishback, the initiative aims to return 20% of DOGE’s projected $2 trillion savings to roughly 79 million American taxpayers, equating to a rebate of about $5,000 per household.
Meme Hype Continues To Persist
During the last year in 2024, the meme coin hype skyrocketed, with several Solana-based meme coins giving multifold returns to investors. This also led to a strong boost in Solana blockchain activity, thereby pushing the SOL price all the way to $280 levels by November 2024.
Now, meme coin activity is shifting to other blockchain platforms like Binance’s BNB Chain. As highlighted in our previous report, the BNB Chain has implemented an upgrade to its block processing system aimed at mitigating network congestion caused by surges in meme coin trading activity.
