The price of the memecoin, which takes its name from Elon Musk’s artificial intelligence project, Grok, has fallen by more than 70% after a blockchain researcher; ZachXBT will claim that the coin’s social media account was recycled from a fraudulent project.
In the participation of Named ANDY, which has declined significantly from its peak.
The same X/Twitter account has been reused in at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
– ZackXPT (@ZackXPT) November 13, 2023
Within five hours of ZachXBT’s release, memecoin enthusiasts watched GROK coin drop 74% from an all-time high of $0.027 to an all-time low of $0.007. Its price has since dropped to $0.011, according to engadget Data Powered by DexTools.
In a post by L trackingZachXBT noted A practical Etherscan shows that the GROK team sent approximately $1.7 million worth of tokens to a burned address to reduce supply and restore trust in the token.
Your puppy is your puppy
-GROKERC20 (@GROKERC20) November 13, 2023
At its peak price of $0.027 on November 13, GROK had a market capitalization of nearly $200 million, making it one of the largest new memecoins of the current cycle.
The memecoin launched on November 5, the same day Elon Musk announced a supposed competitor to OpenAI’s ChatGPT, Grok AI. Over the next week, its value rose by 33,650% as memecoin traders rushed to capitalize on the hype.
Your puppy has just been releasedhttps://t.co/e8xQp5xInk
– Elon Musk (@elonmusk) November 5, 2023
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