GROK Memecoin Faces 40% Drop As Expert Exposes Scammer’s Involvement
November 13 2023 - 7:00PM
NEWSBTC
Grok (GROK) token, inspired by Elon Musk’s artificial intelligence
service through X (formerly Twitter), has recently come under
scrutiny following explosive growth in market capitalization.
According to recent reports, Grok zoomed to a staggering $160
million market cap within just eight days of its release. However,
reports of alleged scam involvement have overshadowed the token’s
rapid ascent. GROK Meteoric Rise Marred By Scammer Accusations Grok
token prices have soared, doubling within the past 24 hours alone,
extending a week-long rally that has seen an astonishing 13,000%
increase. The token boasts an impressive 11,000 holders and has
witnessed a trading volume of over $60 million over the past 24
hours, according to data from DEXTools. Related Reading: Solana
(SOL) Shines 40% Toward $60 As Whales Make Big Moves However,
ZachXBT, a self-proclaimed crypto detective, has raised concerns
about the legitimacy of Grok, stating that the token was created by
a scammer. ZachXBT has stated that the same X/Twitter account
associated with Grok has been linked to at least one other
fraudulent scheme. ZachXBT stated: Not that people in this space
will care but GROKERC20 GROK was created by a scammer. Same exact
X/Twitter account has been reused for at least one other scam.
X/Twitter ID: 1690060301465714692 Satoshi Flipper, another
prominent crypto trader on X, echoed this sentiment, labeling Grok
as an “effing scam” and emphasizing that Elon Musk did not
authorize the token’s launch. Satoshi Flipper said: This is Grok.
$1.9M liquidity and a $137M market cap? What an effing scam. Not
only that, it’s completely fraudulent to trade this knowing Elon
Musk, the owner of Grok, did not authorize these devs to launch a
token. Imagine touching this toxic trash. Experts from Arkham
Intelligence also weighed in, reporting that an on-chain trader
sold a significant amount of GROK at nearly 40% slippage,
reinforcing the scam allegations made by ZachXBT. The controversy
surrounding Grok has raised concerns within the cryptocurrency
community. Critics argue that the token’s market cap, coupled with
the lack of authorization from Elon Musk, raises red flags.
Impressive Turnaround The token’s market cap has undergone a
retracement, now at $108 million, down from its previous value of
$160 million. Additionally, the token exhibits a liquidity of $1.83
million. Despite experiencing a substantial slippage of 48%,
with its price dropping as low as $0.0056000, the token has
remarkably recuperated and is now trading at $0.0108452. Related
Reading: Polygon (MATIC) Price Fueled By Increase In Whale Activity
It is yet to be determined whether further reports will surface to
shed light on the individuals behind the token’s creation and their
objectives, potentially exposing the risk of a rug pull within the
cryptocurrency industry. However, despite these allegations,
the token has attracted significant attention and excitement from
investors eager to participate in the potential surge of the next
major meme coin, aiming to achieve substantial gains in their
investments. As of the time of writing, the Grok official account
on X has not made any statements regarding these allegations.
Featured image from Shutterstock, chart from TradingView.com
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