Elon Musk AI project inspired memecoin ‘Grok’ falls 74% on creator scam claim
The cost of a memecoin drawing its name from Elon Musks synthetic intelligence job “Grok” dropped over 70% after blockchain sleuth ZachXBT alleged the tokens social media account was recycled from a rip-off token project.In a Nov. 13 X (previously Twitter) post, ZachXBT shared screenshots showing numerous social media accounts and websites connected to the Grok (GROK) token were repurposed from old projects– consisting of an abandoned memecoin project called ANDY– which has significantly decreased from its all-time high. Not that individuals in this space will care but @GROKERC20 $GROK was developed by a fraudster. Very same precise X/Twitter account has actually been reused for at least one other scam. X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS— ZachXBT (@zachxbt) November 13, 2023
Related: Elon throws AI-generated insults at GPT-4 after OpenAI CEO mocks GrokAt its peak cost of $0.027 on Nov. 13, GROK commanded a market capitalization of almost $200 million, making it one of the largest new memecoins in the existing cycle.The memecoin was released on Nov. 5, the same day Elon Musk announced his supposed rival to OpenAIs ChatGPT, Grok AI. Over the course of the following week, its value increased 33,650% as memecoin traders rushed to profit from the hype.Just launched Grokhttps:// t.co/ e8xQp5xInk– Elon Musk (@elonmusk) November 5, 2023
Source: DexToolsIn a follow-up post, ZachXBT pointed to an Etherscan deal revealing GROKs group sent approximately $1.7 million worth of the token to a burn address in a bid to minimize supply and bring back confidence in the token. The Grok designer burned 90 million GROK tokens after the tokens cost dropped. Source: EtherscanThe 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 approximately $2 million at current prices.all tokens from the deployer wallet has actually been 100% burnt.https:// t.co/ mNr48MoFryhttps:// t.co/ VSERX5v9qLGROK GROK– GROK (@GROKERC20) November 13, 2023
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