The New XAI Gork price surged on Monday as the weekend rally triggered fear of missing out among retail investors.
New XAI Gork (GORK) token jumped to $0.07, continuing a rally that started on Friday when it bottomed at $0.01443. It has soared by almost 400%, giving it a market cap of over $70 million.
The GORK price soared as demand for the coin jumped. CoinGecko data shows that the 24-hour volume rose to over $205 million, 3x its market cap.
More signs of FOMO is the fact that the number of GORK token holders 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.
GORK price is 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 jumped because its name mimics that of Elon Musk’s company, xAI. xAI’s main product is known as Grok, one of the fastest-growing ChatGPT rivals. 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 is unclear whether the GORK price will continue rising. Historically, new meme coins surge in the initial days and then crash when the momentum wanes. 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.
New XAI Gork price analysis
The 30-minute chart shows that the GORK price rose to a record high of $0.095 during the weekend and then pulled back. It was trading at $0.066 on Monday, a few points above the lower side of the ascending channel that connects the lowest swings since Friday last week.
New XAI Gork price has formed a head and shoulders pattern. It is also forming a large rising wedge, a popular bearish reversal sign. Therefore, the token will likely drop and retest the key support level at $0.035, its lowest swing on Sunday.
The risk for shorting a new token like GORK is that it may short-squeeze if major exchanges like Binance and OKX announce their listings.
