December 23, 2024
Elon Musk AI project inspired memecoin ‘Grok’ falls 74% on creator scam claim

The price of the meme coin named after Elon Musk’s artificial intelligence project “Grok” plunged more than 70% after blockchain sleuth ZachXBT claimed the coin’s social media account was recycled from a scam token project.

In a post on November 13 (formerly known as Twitter), ZachXBT shared screenshots showing that various social media accounts and websites related to the Grok (GROK) token have been repurposed from old projects, including an abandoned one memecoin project is called ANDY – has dropped significantly from its all-time highs.

Within 5 hours of ZachXBT’s release, memecoin enthusiasts watched GROK plummet 74% from an all-time high of $0.027 to a low of $0.007.According to DexTools, its price has fallen back to $0.011 data.

After ZachXBT made the accusation, the price of GROK plummeted by more than 70% in 5 hours. Source: DexTools

in the follow-up postal,ZachXBT points to Etherscan trade The GROK team is shown sending approximately $1.7 million worth of tokens to a burn address in an effort to reduce supply and restore confidence in the token.

Grok developers burned 90 million GROK tokens after the token price plummeted. Source: Etherscan

The X account for the GROK token claimed in a post on November 14 that the development team had burned all the tokens in the deployer’s address, about 180 million GROK, which is worth about $2 million at current prices.

related: Elon launches AI-initiated insults at GPT-4 after OpenAI CEO mocks Grok

At its peak of $0.027 on November 13, GROK had a market capitalization of nearly $200 million, making it one of the largest new meme coins in the current cycle.

memecoin launched on November 5, the same day Elon Musk announced Grok AI, a competitor to OpenAI’s ChatGPT. Over the next week, its value increased by 33,650% as memecoin traders cashed in on the hype.

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