{"id":24989,"date":"2023-11-14T02:13:50","date_gmt":"2023-11-14T02:13:50","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/elon-musk-ai-project-inspired-memecoin-grok-falls-74-on-creator-scam-claim\/"},"modified":"2023-11-14T02:13:52","modified_gmt":"2023-11-14T02:13:52","slug":"elon-musk-ai-project-inspired-memecoin-grok-falls-74-on-creator-scam-claim","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/elon-musk-ai-project-inspired-memecoin-grok-falls-74-on-creator-scam-claim\/","title":{"rendered":"Elon Musk AI project inspired memecoin \u2018Grok\u2019 falls 74% on creator scam claim"},"content":{"rendered":"
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The price of a memecoin drawing its namesake from Elon Musk\u2019s artificial intelligence project \u201cGrok\u201d plummeted over 70% after blockchain sleuth ZachXBT alleged the token\u2019s social media account was recycled from a scam token project.<\/p>\n

In a Nov. 13 X (formerly Twitter) post, ZachXBT shared screenshots showing various social media accounts and websites tied to the Grok (GROK) token were repurposed from old projects \u2014 including an abandoned memecoin project called ANDY \u2014 which has significantly declined from its all-time high. <\/p>\n

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Not that people in this space will care but @GROKERC20<\/a> $GROK<\/a> was created by a scammer. <\/p>\n

Same exact X\/Twitter account has been reused for at least one other scam. <\/p>\n

X\/Twitter ID: 1690060301465714692 pic.twitter.com\/iKu7zb6YeS<\/a><\/p>\n

\u2014 ZachXBT (@zachxbt) November 13, 2023<\/a><\/p><\/blockquote>\n

In the five hours following ZachXBT\u2019s post, memecoin enthusiasts watched as GROK plunged 74% from its all-time high of $0.027 to as low as $0.007. Its price has since retracted to $0.011, per DexTools data. <\/p>\n

GROK\u2019s price plunged more than 70% in five hours following ZachXBT\u2019s allegations. Source: DexTools<\/em><\/figcaption><\/figure>\n

In a follow-up post<\/a>, ZachXBT pointed to an Etherscan transaction showing GROK’s team sent roughly $1.7 million worth of the token to a burn address in a bid to reduce supply and restore confidence in the token. <\/p>\n

The Grok developer burned 90 million GROK tokens after the token’s price plummeted. Source: Etherscan<\/em><\/figcaption><\/figure>\n

The X account for the GROK token claimed in a Nov. 14 post that the development team had burned all of the tokens from the deployer address, some 180 million GROK worth roughly $2 million at current prices.<\/p>\n

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all tokens from the deployer wallet has been 100% burnt.https:\/\/t.co\/mNr48MoFry
https:\/\/t.co\/VSERX5v9qL<\/p>\n

GROK GROK<\/p>\n

\u2014 GROK (@GROKERC20) November 13, 2023<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>Elon throws AI-generated insults at GPT-4 after OpenAI CEO mocks Grok<\/em><\/strong><\/p>\n

At its peak price of $0.027 on Nov. 13, GROK commanded a market capitalization of nearly $200 million, making it one of the largest new memecoins in the current cycle.<\/p>\n

The memecoin was launched on Nov. 5, the same day Elon Musk announced his supposed competitor to OpenAI\u2019s ChatGPT, Grok AI. Over the course of the following week, its value increased 33,650% as memecoin traders rushed to capitalize on the hype.<\/p>\n

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Just released Grokhttps:\/\/t.co\/e8xQp5xInk<\/p>\n

\u2014 Elon Musk (@elonmusk) November 5, 2023<\/a><\/p><\/blockquote>\n

Magazine: <\/em><\/strong>Exclusive \u2014 2 years after John McAfee\u2019s death, widow Janice is broke and needs answers<\/em><\/strong><\/p>\n<\/div>\n