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The Elon Musk effect has once again made its mark on the cryptocurrency market. Following a surprise post by Tesla and SpaceX CEO Elon Musk, the Solana-based memecoin Gork experienced a sharp surge in price. Although Gork had existed in the market for some time, it traded with low volume—until Musk’s post triggered a 460% increase in just one day. With a single tweet, the token’s market capitalization and trading volume skyrocketed almost instantly.
Elon Musk’s “Gork Is Back Today” Post
Elon Musk tweeted on X (formerly Twitter), saying, “Gork is back today.” Following the post, investors and memecoin traders rushed to buy the Gork token. Musk’s social media activity has previously caused dramatic price movements in other cryptocurrencies, and this post created a strong wave of speculation almost immediately. The Gork token, which shares a name resemblance with Musk’s AI project Grok, saw significant price action in a short time. Social media hype and FOMO effects further accelerated trading volume, causing the token price to spike rapidly. Its small market capitalization amplified volatility, making the movement even more extreme.
Gork Price and Market Cap Surge
After Musk’s post, Gork staged a sudden and sharp rally in the morning. Its price surged 460%, reaching $0.013. Limited liquidity and low market cap facilitated the aggressive short-term price increase. During this spike, Gork’s market capitalization jumped from under $1 million to $14 million. The combination of rising trading volume and social media attention was a major factor supporting the price action. However, profit-taking soon followed, pushing the market cap down to around $5.2 million. At the time of reporting, Gork was trading near $0.005, indicating that high volatility and speculative interest may continue in the short term.
The Musk Effect Has Happened Before
The Gork memecoin mimics Elon Musk’s AI project Grok developed by xAI. In May 2025, Musk temporarily changed his X username to “Gorklon Rust” and used a Gork-themed profile picture, triggering a similar rally. Back then, the token’s market cap exceeded $130 million, gaining significant attention in the memecoin market. The 460% surge following Musk’s latest post once again demonstrates the powerful influence of social media on memecoins. However, analysts warn that such price spikes are usually short-lived and highly volatile, and sharp pullbacks may follow. Investors are advised to manage risk carefully when reacting to Musk-driven market movements.
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