Elon Musk AI task motivated memecoin ‘Grok’ falls 74% on developer fraud claim


The rate of a memecoin drawing its name from Elon Musk’s expert system task “Grok” dropped over 70% after blockchain sleuth ZachXBT declared the token’s social networks account was recycled from a rip-off token task.

In a Nov. 13 X (previously Twitter) post, ZachXBT shared screenshots revealing numerous social networks accounts and sites connected to the Grok (GROK) token were repurposed from old jobs– consisting of a deserted memecoin task called ANDY– which has actually considerably decreased from its all-time high.

In the 5 hours following ZachXBT’s post, memecoin lovers enjoyed as GROK plunged 74% from its all-time high of $0.027 to as low as $0.007. Its rate has actually given that withdrawed to $0.011, per DexTools information.

GROK’s rate plunged more than 70% in 5 hours following ZachXBT’s accusations. Source: DexTools

In a follow-up post, ZachXBT indicated an Etherscan deal revealing GROK’s group sent out approximately $1.7 million worth of the token to a burn address in a quote to minimize supply and bring back self-confidence in the token.

The Grok designer burned 90 million GROK tokens after the token’s rate dropped. Source: Etherscan

The X represent the GROK token declared in a Nov. 14 post that the advancement group had actually burned all of the tokens from the deployer address, some 180 million GROK worth approximately $2 million at present rates.

Related: Elon tosses AI-generated insults at GPT-4 after OpenAI CEO buffoons Grok

At its peak rate of $0.027 on Nov. 13, GROK commanded a market capitalization of almost $200 million, making it among the biggest brand-new memecoins in the present cycle.

The memecoin was introduced on Nov. 5, the very same day Elon Musk revealed his expected rival to OpenAI’s ChatGPT, Grok AI. Throughout the following week, its worth increased 33,650% as memecoin traders hurried to take advantage of the buzz.

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