- Elon Musk’s AI chatbot Grok has confirmed that xAI is not working on an official token.
- A Solana-based GrokCoin (GROK) has shot up 8% to claim a market cap of $19 million.
- GROK meme token faces resistance at the 20-day EMA at $0.003241.
GrokCoin (GROK), a meme token taking inspiration from Elon Musk’s AI chatbot Grok, has been getting attention even though it has no official link to xAI.
The coin, currently trading at $0.003080, is up 8.8% over the last day. People are talking more and more about whether xAI might ever launch an official crypto project.
Funny Thing Is, It Started with a Chatbot
Interestingly, the discussion of an official GROK token came from a casual exchange on social media platform X. A user asked the chatbot what it would name its memecoin, if it ever were to have one. Grok answered, “GrokCoin.”
Crypto fans got excited; however, xAI quickly made it clear that the token is not official. The company is still working on AI advancements; not cryptocurrency launches.
Solana Loves GROK Meme Coin
Even so, the unofficial GROK meme coin has found a place in the Solana ecosystem. It claims a $19M market cap, according to CoinMarketCap data.
Right now, there’s no Binance Smart Chain (BSC) launch planned. But, the token’s popularity keeps growing through community engagement on the Solana blockchain.
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GROK Price: Resistance at $0.003241
Even though GROK token turned bullish the previous day, it has not been able to break above the 20-day Exponential Moving Average (EMA) at $0.003241.
This area is proving to be tough resistance for the meme token’s price. A bullish breakout can’t be confirmed until this area becomes support.
Bears Still Have Edge, But Buying Could Cause Bounce
Also, the daily chart from TradingView shows that the GROK price action is close to the lower Bollinger Band. This suggests that the bears are mostly in control. However, this could lead to a price bounce if buying pressure picks up. Solid support is around the lower BB of $0.0022.
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The Relative Strength Index (RSI) stands at 45.85 which means that the current momentum for the meme token is neutral and investors can expect a breakout on either side, depending on the broader market movement. However, the gradient of the RSI line suggests a retest of the 20-day EMA again in the near future.
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