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Grok Coin, Inspired by Elon Musk, Drops 74% Amid Creator Scam Claims

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543 Listen to this article In a shocking development within the cryptocurrency space, the memecoin “Grok,” named after Elon Musk’s […]

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In a shocking development within the cryptocurrency space, the memecoin “Grok,” named after Elon Musk’s groundbreaking artificial intelligence project, has experienced a drastic 74% decline in its valuation. This significant drop was triggered by allegations from blockchain investigator ZachXBT, who claimed that the token’s social media accounts were repurposed from a previously identified scam token project.

ZachXBT’s Revelations

Blockchain sleuth ZachXBT took to X (formerly Twitter) on November 13, presenting compelling evidence through screenshots that unveiled the repurposing of various social media accounts and websites linked to the Grok (GROK) token. Notably, these digital assets were traced back to an abandoned memecoin project called ANDY, which had suffered a substantial decline from its all-time high.

Rapid Plummet in Value

Following ZachXBT’s revelations, the Grok token witnessed a rapid and alarming descent, plunging from its all-time high of $0.027 to as low as $0.007 within a mere five hours. According to DexTools data, the token has managed a partial recovery, currently resting at $0.011.

ZachXBT’s Response

In response to the crisis, ZachXBT disclosed a noteworthy Etherscan transaction, revealing that the GROK team took decisive action. Approximately $1.7 million worth of tokens were sent to a burn address, a strategic move aimed at reducing the token supply and, in turn, restoring investor confidence.

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GROK Team’s Announcement

A subsequent post from the official GROK token account on November 14 sought to address the community. The post claimed that the development team had burned all tokens from the deployer address, totaling 180 million GROK, a sum valued at around $2 million based on current market prices.

https://twitter.com/GROKERC20/status/1724113841930539516

Market Impact at Peak

At its zenith on November 13, when it reached $0.027, GROK boasted a staggering market capitalization of nearly $200 million, firmly establishing itself as one of the most substantial memes coins in the current market cycle.

Coin’s Background

GROK was launched on November 5, strategically coinciding with Elon Musk’s announcement of Grok AI, purportedly a competitor to OpenAI’s ChatGPT. In the week following its launch, GROK’s value experienced an extraordinary surge of 33,650%, attracting memecoin traders eager to capitalize on the heightened enthusiasm surrounding Elon Musk’s AI project.

This sudden and dramatic turn of events serves as a stark reminder of the inherent volatility and risks associated with the cryptocurrency market, even for tokens seemingly tied to high-profile figures and projects.

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