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Anna Martynova
The New XAI Gork (GORK) price surged 200% on Saturday, making it one of the best-performing cryptocurrencies. The price soared to $0.04832, pushing its market cap to over $48 million. GORK’s price surge was accompanied by high trading volume. The daily trading volume rose to $274 million, or 5.7 times its market cap. This suggests that crypto investors were betting on a continuation of the rally due to the fear of missing out (FOMO).
The reason for this surge could be the coin’s connection to Elon Musk’s xAI, a leading player in the AI industry. xAI even acquired X, the company formerly known as Twitter, achieving a valuation of over $130 billion. xAI’s AI product is called Grok, which explains why The New XAI Gork is abbreviated as GORK.
However, there is a risk that the price of GORK will crash in the coming days. According to Nansen, the number of smart money holders has fallen from 28 to 24 as of May 1, and their holdings have fallen from nearly 98 million to 76 million. Another risk is that new meme coins often experience an initial price spike and then fall as insiders start selling.
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