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Numerous GROK tokens have emerged after the launch of X's new chatbot AI. But be wary of investing too quickly.

The release of Elon Musks new AI chatbot Grok has triggered an explosion of speculative cryptocurrency tokens seeking to cash in on the hype. In just one weekend, nearly 400 different GROK tokens were anonymously created on platforms like Ethereum.

But what are they and are they worth trading? Well, there are plenty of reasons to stay away if youre not prepared to make a swift exit.

On Saturday, November 4, 2023, the eccentric billionaire Elon Musk unveiled Grok an AI chatbot with a rebellious streak. Grok is designed to challenge popular AI chatbot ChatGPT, which has taken the world by storm in recent months.

According to Musk, Grok has been in development by his new company xAI and has access to posts on X, the social media platform formerly known as Twitter which Musk now owns. Musk revealed that Grok will initially be available only to premium subscribers on X, before eventually being released to the wider public.

However, as with all events adjacent to crypto-world (of which Musk is tangentially a part), quick-fingered individuals have already created a number of tokens with the Grok name. None of them have been claimed by X, Grok or Musk.

Some of these tokens attracted millions in trading volumes and delivered huge short-term gains, letting early investors multiply their money almost overnight. One GROK token on the Base network reached a market cap of $4.56 million with $4.78M in 24-hour trading volumes at the time of writing.

Another GROK token launched on Ethereum rallied over 1300% from its debut, hitting a market cap of over $9 million. There are currently numerous tokens across several chains, including Ethereum, Base, BNB Chain, Pulse and Solana. None of which are endorsed by Grok, X, their teams, or owners.

Grok-mania appears to be another manifestation of the shitcoin phenomenon, where tokens are rushed out to exploit buzz around hot topics. Unlike memecoins, which are based on memes like Doge or Pepe the frog, Grok tokens arent even purporting to be funny.

However, these Grok-inspired tokens have no inherent utility and lack fundamentals beyond the initial excitement around Grok itself. Their anonymous creators are looking to capitalize on hype rather than building anything of lasting value.

While potentially lucrative in the short term, investing in these assets is undoubtedly risky due totheir uncertain fundamentals. The mania could quickly evaporate once the hype around Grok dies down. We have seen similar market pumps and sudden evaporation of interest with AI tokens, which exploded in popularity earlier in 2023.

As one crypto sector falls out of favor, they simply jump on the next hot trend. For now, the Grok token craze represents the endless creativity of crypto developers to exploit pump and dump dynamics. But its still uncertain whether any of these tokens can evolve to offer meaningful utility in the long run.

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Home Journal Three Things to Watch out for this Week: Polygon Resurgence, Pepe Decline, and InQubeta Rally

The crypto landscape is a hotbed of developments and events. But what are the top three things to watch out for this week? They include the resurgence of Polygon (MATIC), the decline of Pepe (PEPE), and the massive participation in the InQubeta (QUBE) presale, a top ICO in the crypto space.

So, lets dive into these developments.

InQubeta (QUBE) has been one of the standout performers in the second half of the year, particularly in the ICO (initial coin offering) space. It has raised a whopping $4.1 million so far, making a strong case for itself as the best ICO this year. But what makes this project special? For one, it blends both AI and blockchain technology and aims to transform the AI industry. These have captured the interest of investors and enthusiasts, making InQubeta one of the new DeFi projects to watch out for.

The project intends to transform the AI sector by leveraging blockchain technology and creating a new fundraising model in the AI industry. It will become a crowdfunding platformthe first of its kindthat will allow AI startups to raise funds through crypto. With this, we can say for sure that it is worth the hype it has been generating within the crypto community.

It is in the fourth stage of its presale and costs just $0.0133 per token. This cheap price means more QUBE tokens can be accumulated, which will result in significant ROIs. Is it worth investing in? Yes. According to experts, it will rally by 3,500% after its launch, making it a more promising investment than either Polygon or Pepe.

Polygon (MATIC) has been one of the top performers of 2023, rising to become a leading cryptocurrency. It is a multi-chain scaling solution based on Ethereum. The Polygon SDK, its main component, facilitates the creation of various decentralized apps (dApps). With this, it has risen to become one of the top altcoins on the market.

The above describes Polygon, but what about its price outlook for the week? According to analysts, MATIC will likely experience a surge in its price. This project has been gaining adoption in the crypto space, which will contribute to its rise. So, we suggest considering Polygon for investment, as it is a good crypto to buy.

Pepe (PEPE) was created as a tribute to the famous internet meme Pepe the Frog. It is also the third most popular memecoin currently, behind only Dogecoin and Shiba Inu. With this, it is among the best coins to invest in.

While it is a top coin in the meme ecosystem, it has been experiencing a decline in its price. That isnt all. Pepe is further expected to see a drop in its price, according to experts. What this means is that, if you are an investor or trader, you should exercise caution, at least for a while.

The top three developments to watch out for this weekend are Polygons resurgence, Pepes decline, and InQubetas rally. With this knowledge, you can better position yourself in the crypto market. InQubeta is an ICO project which shows considerable promise, which you can participate in by following the link below.

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PEPE and the World of Meme Coins

A unique breed of cryptocurrencies such as PEPE, thrive on internet culture and social media trends. They dont offer practical utility; instead, they leverage humor, memes, and online communities for their appeal. These meme coins parody the crypto space, banking on their quirky branding to capture attention.

Meme coins might attract short-term speculators, but they arent ideal for long-term investors seeking stability. Their high volatility and susceptibility to pump-and-dump schemes often leave investors with substantial losses. Moreover, their unregulated, anonymous nature makes them fertile ground for fraudulent activities.

In April 2023, Pepe Coin (PEPE) burst onto the scene, paying homage to the iconic Pepe the Frog meme. Within just three weeks, it soared to a market capitalization exceeding $1 billion, securing the 72nd position among cryptocurrencies. However, its meteoric rise was short-lived. PEPE has since tumbled, plummeting by 85% from its all-time high and losing 42% of its value in the last 30 days, relegating it out of the top 100 rankings.

Bitcoin Spark (BTCS) stands in stark contrast to meme coins for several compelling reasons. Notably, it boasts a capped supply of 21 million coins, a sharp deviation from the inflated supplies seen in many meme coins. Consequently, this scarcity suggests the potential for substantial long-term price appreciation, akin to Bitcoin (BTC).

BTCS goes beyond mere peer-to-peer payments; it serves as a store of wealth and powers smart contracts and decentralized applications (DApps) within the Bitcoin Spark ecosystem. Its multifaceted infrastructure, featuring a smart contract layer accommodating various programming languages, ensures scalability and adaptability.

Bitcoin Spark introduces the revolutionary Proof-of-Process (PoP) consensus mechanism. Users actively contribute processing power to validate transactions and, in return, earn rewards. Similarly, the networks expansion and a reward reduction algorithm make participation accessible even to users with low-powered devices. An effortless validation application compatible with a wide range of operating systems is in the works.

BTCS extends its reach by leasing contributed processing power to organizations and individuals. Furthermore, this groundbreaking approach enables clients to pay in BTCS, adding a practical real-world use case. Validators receive 97% of the generated revenue, with the remaining 3% allocated to network development.

Furthermore, BTCS opens doors for businesses and individuals to engage in advertising. Ad spaces on the Bitcoin Spark application and website are diligently monitored by the community for credibility, encouraging participation and offering additional rewards.

Bitcoin Spark is currently in its Initial Coin Offering (ICO) phase, providing investors with the chance to acquire BTCS at a discounted rate. While its launch price is set at $10, it is currently available at $3 with a 7% bonus, along with other enticing benefits in Phase 7 of the ICO.

In conclusion, the roller-coaster journey of meme coins like PEPE Coin serves as a sharp contrast to the potential stability and multifaceted applications offered by Bitcoin Spark (BTCS). With its capped supply, innovative consensus mechanism, and tangible real-world applications, BTCS emerges as an intriguing investment opportunity within the ever-evolving cryptocurrency landscape.

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Few artists are less popular with their own fanbase than Doja Cat. The rapper has found herself in hot water once again, this time after posting an Instagram picture of herself wearing a t-shirt emblazoned with the face of Sam Hyde a comedian with links to the far-right and a long history of racism, antisemitism and misogyny, according to anti-extremist charity Hope Not Hate. She deleted it not long after, re-uploading a cropped version, but the damage had already been done by that point.

Hydes reputation as a controversial figure goes way beyond cracking a problematic joke from time to time. He began his career in 2013 with a series of racist and homophobic stand-up sets. After a Ted Talk parody he made went viral in 2015, his sketch group Million Dollar Extreme was given a show on Adult Swim. It was cancelled after one series Hyde claimed this was due to his support for Donald Trump but not before becoming a cultural touchstone among the alt-right, according to a Buzzfeed report. To give a taste of the content: one unaired sketch was titled Thank You White People, and was based on the premise that Black and Hispanic people should be grateful towards white people for creating civilisation. Sounds hilarious!

In the subsequent years, Hydes connections with the far-right became even more explicit. In 2017, he reportedly donated $5,000 towards the legal fund of Andrew Anglin, the founder of neo-Nazi website The Daily Stormer, who was being sued by anti-extremist non-profit the Southern Poverty Law Centre for organising a troll storm against a Jewish woman. Since then, Hyde has associated with a number of prominent extremists, including white nationalist Richard Spencer, conspiracy theorist Alex Jones, and Nick Fuentes, one of Kanye Wests new friends and a man so homophobic he once argued that having straight sex is gay. While Hydes latest stand-up set was titled Im Not A Nazi, he hasnt tried to disguise his affinity with the far-right. So, its not altogether surprising that people are unhappy with Doja Cat for wearing his face on a t-shirt.

As for Doja herself, this isnt the first time shes been accused of endorsing the alt-right. Back in 2020, she was forced to deny stripping for white supremacists and using racial slurs in an internet chatroom. The controversy began when an old song of hers re-emerged online, recorded in 2015 and titled Dindu Nuffin an alt-right term that is used to mock African Americans protesting their innocence in the face of police violence. In a subsequent apology video, Doja argued that she was satirising the phrase and that contrary to rumours swirling around the song had nothing to do with Sandra Bland, a Black woman who died in police custody under deeply suspicious circumstances at the time it was written. But that wasnt all: footage also emerged of her participating in a chatroom and flirting with men who were allegedly members of the alt-right community. I shouldnt have been on some of those chat room sites, but I personally have never been involved in any racist conversations. Im sorry to everyone I offended, she said in an Instagram post responding to the controversy.

Does all of this suggest that Doja Cat herself is sympathetic to the alt-right? It could, but not necessarily. For a start, she has both Jewish and Black heritage, which is no guarantee of having good politics but does make her an unlikely neo-Nazi. She also just seems like someone who likes to shock, someone who takes pleasure in being transgressive (which is not always a bad quality for an artist to have). The rollout to her latest album, Scarlet, has been drenched with Satanic imagery, which seems precision-engineered to anger the right-wing, whether traditional Christians or Q-Anon conspiracy theorists. In the wake of both Lil Nas X and Sam Smith causing enormous uproars by dabbling in similar aesthetics, dressing up like the Devil now feels like a cheap, easy and obvious way of courting controversy, but youd only do it if you wanted to rile up conservatives, just as Doja was probably aware that posting the Sam Hyde picture would piss off the left. The most consistent thing here is a tendency to be provocative.

But even if that is the case, is tacitly endorsing a white supremacist any better if you do it as a joke? That kind of ironic, transgressive-for-the-sake-of-it trolling has been a key strategy of the far-right for much of the last decade, ever since Pepe the Frog memes burst out of 4Chan and changed the course of American politics. On whether the alt-right were really bigots in a 2016 Breitbart article, Milo Yiannopoulos argued, No more than death metal devotees in the 1980s were actually Satanists. For them, its simply a means to fluster their grandparents. That view is harder to maintain today when a number of young men forged in these communities have carried out mass shootings against minority groups (some of them leaving behind manifestos laden with memes and in-jokes).

When fascism emerged in the 1920s and 1930s, its aesthetics were po-faced, earnest and humourless, but some people were nonetheless drawn towards it out of a superficial desire to shock. The English socialite Unity Mitford, for example, embraced the Nazis as a way of transgressing the tedium of upper-class life. One Mitford biographer described this as the frivolity of evil: over time, what started out as a little more than a jolly old lark morphed into a close friendship with Hitler and a sustained, serious commitment to the cause of antisemitism.

While this is an extreme example, we can see a similar dynamic playing out today. Bored with the supposed pieties of the left, some young people are looking for a sense of dynamism, vitality and transgression in far-right politics. The New Right scene has made intellectual heroes of figures like Curtis Yarvin (a neo-Monarchist who wants to do away with democracy) and Bronze Age Pervert, a semi-pseudonymous author and online personality who has described himself as a fascist or something worse. While these people are still a somewhat niche concern, they have admirers in the upper echelons of power. The culture as a whole is also drifting to the right, as we can see in the punitive legislation being enacted trans people, refugees and migrants. Flirting with far-right politics, even ironically, only serves to heighten the transgressive quality which for many is central to its appeal. But then, scolding someone like Doja Cat for an edgelord stunt arguably has the same effect maybe the more compelling argument here is that its deeply corny and loser behaviour.

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The price of Pepe (PEPE) has plummeted 20% in the past 24 hours amid controversy over changes to its multisig wallet.

Meanwhile, PepeCoin Cryptocurrency (pepecoin), the original Pepe the Frog-themed token created in 2016, has seen its price surge 375% in the same time frame as investors switch to alternative coins.

This price surge for pepecoin has also led to growth for other low-cap meme coins with Sonik Coin (SONIK) and Wall Street Memes (WSM) being the primary beneficiaries.

Around $16 million worth of PEPE was unexpectedly transferred from the development teams multisig wallet to various cryptocurrency exchanges on Thursday.

This transfer amounted to 3.8% of the total PEPE supply, marking the first time that tokens had been withdrawn from the developers wallet to external trading platforms.

Unsurprisingly, this sparked fears that the developers were planning a rug pull by selling off their token holdings.

Compounding these fears was that the number of required signatures to approve transfers from the multisig wallet was reduced from five to just two.

At the time of writing, over $9.6 million worth of PEPE is still held in the wallet, with investors now on high alert regarding the coins future.

These surprise transfers and changes to the wallets structure have prompted many PEPE holders to sell their tokens, leading to a sharp drop in the coins value.

While PEPE flounders, the original Pepe the Frog-themed cryptocurrency, PepeCoin (pepecoin), has seen its value increase by over 100%.

Created in 2016, pepecoin was the first digital currency to leverage the famous Pepe the Frog meme, although the newer Pepe coin has since overshadowed it.

The coins price has been stagnant for weeks, yet climbed by 375% following the news about PEPEs wallet situation before pulling back to $0.0184, where it currently sits.

According to CoinMarketCap, the pepecoin trading volume has risen 311% since yesterday, hitting $2.7 million.

The controversies surrounding PEPE appear to have caused some investors to steer toward PepeCoin prompting an uptick in buying volume (and price).

However, given that pepecoins value has already dropped 70% from its local high, this surge seems to have been temporary.

Although PepeCoin has seen an uptick in interest, its not the only meme coin gaining market traction.

Sonik Coin (SONIK) and Wall Street Memes (WSM) have also seen significant growth in their respective presale phases ahead of their planned exchange listings.

Sonik Coin (SONIK), inspired by SEGAs Sonic the Hedgehog character, is piquing the attention of meme coin investors during its presale phase.

This presale has now raised over $450,000, nearly 25% of the way to its hard cap target of $2 million.

The strong early demand for SONIK tokens is fuelled by the low price of $0.000014 on offer a price expected to be a discount on the future Uniswap listing price.

As outlined in Sonik Coins whitepaper, the development team has reserved 10% of the total SONIK supply for this listing, helping enhance price stability and reduce the chance of slippage.

However, the feature prompting the most attention is Sonik Coins staking protocol, which allows token holders to obtain yields of 143% per year.

Over 16.7 billion SONIK tokens have already been staked, equating to more than 5% of the total supply.

With this staking setup and its presale momentum, Sonik Coin has positioned itself as a new token to monitor in the meme coin space.

Visit Sonik Coin Presale

Wall Street Memes (WSM) is another new meme coin benefiting from an uptick in investor interest.

As the name suggests, Wall Street Memes looks to capitalize on the popularity of finance-based memes, which were made famous during the GameStop short squeeze of 2021.

The development team aims to create a community-driven ecosystem where WSM holders can benefit financially from the continued growth and evolution of the Wall Street Memes brand.

WSMs presale has caught the attention of meme coin enthusiasts worldwide, raising over $25 million in under three months.

This presale is now in its final stage, with investors offered a narrow window to buy WSM tokens for $0.0337 before they make their CEX debut in September.

Wall Street Memes developers are also focused on the long-term, with the projects whitepaper outlining plans for meme influencer partnerships, an exclusive gated community, and a $1 billion market cap for WSM.

The developers have even implemented a staking protocol that allows holders to earn tokenized rewards, further incentivizing community engagement.

Ultimately, WSMs unique blend of memes and real-world utility has set the stage for potential growth in the ever-changing meme coin space.

Visit Wall Street Memes Presale

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Disclaimer: The above article is sponsored content; its written by a third party. CryptoPotato doesnt endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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