The price of New XAI Gork (GORK) surged on Monday as the weekend rally triggered fear of missing out among retail investors.
CoinGecko data showed that the token jumped to a record high of $0.07, continuing a rally that started on Friday when it bottomed at $0.01443. At its peak, it soared by almost 400%, giving it a market cap of over $70 million.
As demand for the coin surged, so did the trading volume. Over the past 24 hours, the volume rose to over $205 million, 3x its market cap.
The number of GORK token holders also continued rising. According to SolScan, it has now accumulated over 24,000 holders, a notable factor since no major tier-1 exchange has listed it. Most of its trading is happening in exchanges like Gate, Meteora, Bitget, and MEXC.
The token's price has been rising because of the recent demand for AI-focused cryptocurrencies. For example, Virtuals Protocol (VIRTUAL) has surged by over 300% from its lowest level this year. Tokens on its ecosystem, like GAME and aixbt, have also jumped recently.
The token also saw gains after Elon Musk's xAI, one of the fastest-growing ChatGPT rivals, announced its main product. The product is known as Grok, and its ticker, GORK is derived from that Grok name.
xAI has raised over $12.1 billion, and most recently, it acquired X, formerly known as Twitter, creating a company valued at over $113 billion.
It remains unclear whether the GORK price will continue rising. Historically, new meme coins tend to surge in the initial days and then crash when the momentum fades. The crash normally happens as insiders and smart money investors sell.
Indeed, Nansen data shows that these smart money holders have started selling their tokens. The rate at which they are selling could determine whether the token continues rallying or drops to lower support levels.
