1. Home
  2. Cryipto News

'Grok' Experienced A 74% Decline Following Allegations Of Fraud.

The meme coin named after the Grok AI project witnessed a decline in its price following allegations that its social media account was converted from a former fraudulent account.

The price of the meme coin inspired by Elon Musk's artificial intelligence project, Grok, experienced a decline of over 70% following allegations by blockchain detective ZachXBT. In a Twitter post dated November 13, ZachXBT shared screenshots demonstrating that social media accounts and websites associated with the Grok (GROK) token had been involved in previous projects, including the previous failed memecoin project called ANDY.

Following ZachXBT's statement, meme coin investors witnessed a 74% drop from the all-time high of $0.027 to $0.007 within five hours. According to DexTools data, after the decline, the price rose to $0.011, recovering to some extent.

In ZachXBT's subsequent post, attention was drawn to an Etherscan transaction showing that the GROK team sent approximately $1.7 million worth of tokens to the burn address to reduce the supply and increase confidence in the token.

The X account associated with the GROK token claimed in a post on November 14th that the development team burned 180 million GROK tokens located in the distributor address, with a total value of approximately $2 million.

GROK reached its peak on November 13th with a price of $0.027, making it one of the largest new meme coins in the current market cycle, boasting a total market value of approximately $200 million.

Launched on November 5th in competition with Elon Musk's OpenAI ChatGPT, the meme coin saw a surge in value by 33,650% in the following week as meme coin investors raced to capitalize on the rise.

You May Also Like