Elon Musk’s AI Project-Inspired Memecoin ‘Grok’ Falls 74% Over Creator Fraud Claims
After memecoin took its name from Elon Musk's artificial intelligence project “Grok,” blockchain sleuth ZachXBT dropped more than 70% of the token's social media account, a repurposed scam token project.
In a November 13 X (formerly Twitter) post, ZachXBT shared screenshots of various social media accounts and websites linked to the Grok (GROK) token recycled from old projects – including an abandoned memecoin project called ANDY – that has been significantly reduced. All time high.
Not that people in this space care but @GROKERC20 $GROK was created by a cheater.
The same valid X/Twitter account was reused for at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
In the five hours following ZachXBT's post, memecoin enthusiasts saw GROK drop 74% from its all-time high of $0.027 to $0.007. The price has since rebounded to $0.011 per DexTools data.
In a follow-up post, ZachXBT revealed an Etherscan transaction showing that the GROK team sent about $1.7 million worth of tokens to a burned address to reduce supply and restore confidence in the token.
GROK Token's X account posted on November 14 that the development team had burned all tokens from its distributor address, 180 million GROK at the current price of approximately $2 million.
All tokens are 100% burned from the distributor wallet.https://t.co/mNr48MoFryhttps://t.co/VSERX5v9qL
Grok Grok
— GROK (@GROKERC20) November 13, 2023
Related: Elon hurls AI-powered insults at GPT-4 after OpenAI mocks CEO Grock
At its peak price of $0.027 on November 13, GROK commanded a market capitalization of nearly $200 million, making it one of the largest new memecoins in the current cycle.
Memecoin launched on November 5, the same day Elon Musk announced a competitor to OpenAI's ChatGPT, Grok AI. In the following week, memecoin's value increased by 33,650% as traders rushed to capitalize on it.
Just released is Grokhttps://t.co/e8xQp5xInk.
— Elon Musk (@elonmusk) November 5, 2023
Magazine: Exclusive — 2 years after John McPhee's death, widow Janice is broken and needs answers.
