Elon Musk’s Tweet Sends Gork Memecoin Soaring 70% in 10 Minutes
Elon Musk has again demonstrated his power in the crypto world. Famous for turning memecoins around with a mere tweet, Musk's latest action was the parody token Gork, named after X's AI chatbot Grok.
Musk recently altered his official X (ex-Twitter) handle to "gorklon rust" and replaced his profile picture with the Gork token symbol. Within 10 minutes of this post, Gork's price jumped by 70%, immediately becoming one of the top-trending memecoins.
What Is Gork, the Token That Caught Musk's Attention?
Gork is a meme coin on the Solana blockchain that was named after X's AI chatbot Grok. There is a token, but also a mock account on the platform called "Gork" which Musk tagged in one of his recent tweets. That one tweet was all it took to ignite a gigantic wave of popularity and a spike in price.
Soon after, platforms to create tokens such as Pump.fun witnessed a flood of similar Gork-based coins. However, most of these except for one or two could not even match the original token's rapid growth.
Elon Musk's Long Love Affair with Memecoins
It isn't the first time Musk's had an effect on the market of memecoin. He's had previously supported coins such as Kekius Maximus, Harry Bolz, and the iconic Dogecoin. His tweet in support of Kekius Maximus had likewise caused its value to spike very sharply.
Musk has even called himself the "Father of Dogecoin." While such memecoins have seen temporary gain after the tweet, they tend to experience fluctuations in price shortly after, reminding investors of the volatility intrinsic to the market.
Also Read: Treasure NFT Launches TreasureFun DAO to Democratize Decision-Making
A Reminder of Memecoin Volatility
While Musk's behavior causes excitement, it also reminds us of the extremely volatile and speculative nature of memecoins. Memecoins with most of them lack practical utility in the real world and are largely based on hype, social opinion, and influencers.
Such events are advantageous to early investors, but late investors lose out when the excitement fizzles out. As the crypto arena evolves, such unexpected price swings motivated by one tweet will perhaps be less frequent in the future, but until then, Musk is still a wild card in crypto.
