Elon Musk Sparked the Rise of Two Memecoins
The memecoins Grok and WIF saw a 30% rise after Elon Musk's latest actions.
Elon Musk's startup xAI has released its Grok Large Language Model (LLM) to the open source. This means that anyone can use a copy of the model for various purposes, including commercial applications. However, users must follow certain requirements, such as reproducing the original license and copyright notices, as well as indicating the changes they have made.
Grok outperforms its competitors in terms of complexity and performance. It works without censorship and restrictions and gives out up-to-date information. Grok is positioned as a rival to OpenAI's ChatGPT and is available only through the X Premium+ paid subscription service.
The release of Grok triggered a sharp growth of the memecoin of the same name. The Grok token has grown 30% in the last 24 hours and 265% in a month. Memecoin has nothing to do with any of Elon Musk's businesses, despite its name. Moreover, Musk has previously stated that none of his companies or projects will launch their own cryptocurrency token.
To be super clear, none of my companies will ever create a crypto token
— Elon Musk (@elonmusk) November 4, 2023
Nevertheless, it seems that the billionaire's interest in the memecoin sector continues to grow. In a recent tweet, Elon Musk wished his followers a happy St. Patrick's Day by posting a picture of his pets wearing hats. The cryptocurrency community caught a hint of Musk's support for the WIF memecoin in the gesture. Dogwifhat is depicted as a dog wearing a hat. WIF has surged 30% to $3.18 in the past 24 hours.
— Elon Musk (@elonmusk) March 17, 2024
Earlier, Musk admitted the possible sale of Tesla for Dogecoin. His announcement at the Berlin Gigafactory also had a positive impact on Dogecoin's price performance.
