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The worth of a memecoin drawing its namesake from Elon Musk’s synthetic intelligence mission “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a rip-off token mission.
In a Nov. 13 X (previously Twitter) submit, ZachXBT shared screenshots displaying varied social media accounts and web sites tied to the Grok (GROK) token have been repurposed from previous tasks — together with an deserted memecoin mission referred to as ANDY — which has considerably declined from its all-time excessive.
Not that individuals on this house will care however @GROKERC20 $GROK was created by a scammer.
Similar precise X/Twitter account has been reused for not less than one different rip-off.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
Within the 5 hours following ZachXBT’s submit, memecoin fanatics watched as GROK plunged 74% from its all-time excessive of $0.027 to as little as $0.007. Its value has since retracted to $0.011, per DexTools information.
In a follow-up post, ZachXBT pointed to an Etherscan transaction displaying GROK’s workforce despatched roughly $1.7 million price of the token to a burn tackle in a bid to scale back provide and restore confidence within the token.
The X account for the GROK token claimed in a Nov. 14 submit that the event workforce had burned the entire tokens from the deployer tackle, some 180 million GROK price roughly $2 million at present costs.
all tokens from the deployer pockets has been 100% burnt.https://t.co/mNr48MoFry
https://t.co/VSERX5v9qLGROK GROK
— GROK (@GROKERC20) November 13, 2023
Associated: Elon throws AI-generated insults at GPT-Four after OpenAI CEO mocks Grok
At its peak value of $0.027 on Nov. 13, GROK commanded a market capitalization of practically $200 million, making it one of many largest new memecoins within the present cycle.
The memecoin was launched on Nov. 5, the identical day Elon Musk introduced his supposed competitor to OpenAI’s ChatGPT, Grok AI. Over the course of the next week, its worth elevated 33,650% as memecoin merchants rushed to capitalize on the hype.
Simply launched Grokhttps://t.co/e8xQp5xInk
— Elon Musk (@elonmusk) November 5, 2023
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