Coinbry

  • Market Cap: $2,464,501,421,566.61
  • 24h Vol: $147,421,505,870.74
  • BTC Dominance: 52.28%
Creator scam claim causes Elon Musk-inspired AI project 'Grok' memecoin to plummet by 74%

Creator scam claim causes Elon Musk-inspired AI project ‘Grok’ memecoin to plummet by 74%

A memecoin linked to Grok AI plummets after allegations of recycled social media account

– The price of a memecoin named after Elon Musk’s Grok AI project has dropped over 70% following claims that its social media account was recycled from a previous scam token.

– Blockchain sleuth ZachXBT shared screenshots showing that the social media accounts and websites associated with the Grok (GROK) token were repurposed from old projects, including an abandoned memecoin called ANDY.

– After ZachXBT’s post, GROK’s value plummeted from its all-time high of $0.027 to as low as $0.007 within five hours, before partially recovering to $0.011.

– In response to the allegations, GROK’s development team burned 90 million GROK tokens, worth approximately $1.7 million, in an effort to reduce supply and restore confidence.

– The GROK token’s official Twitter account claimed that all tokens from the deployer address had been burned, totaling 180 million GROK valued at around $2 million.

– At its peak, GROK had a market capitalization of nearly $200 million, making it one of the largest new memecoins in the current cycle.

– The memecoin was launched on the same day Elon Musk announced Grok AI as a competitor to OpenAI’s ChatGPT, and its value surged by 33,650% in the following week.

Headline: A memecoin tied to Grok AI experiences significant drop amid recycled social media account allegations

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.