Grok

Elon Musk

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 A memecoin drawing its name from the Grok AI project plummeted after allegations its social media account was recycled from that of a former scam token.
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 The price of a <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> drawing its namesake from Elon Musk’s artificial intelligence <a rel="noopener noreferrer nofollow" title="project" href="https://thebittimes.com/tag/project.html">project</a> “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a scam token <a rel="noopener noreferrer nofollow" title="project" href="https://thebittimes.com/tag/project.html">project</a>.
 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 <a rel="noopener noreferrer nofollow" title="project" href="https://thebittimes.com/tag/project.html">project</a>s — including an abandoned <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> <a rel="noopener noreferrer nofollow" title="project" href="https://thebittimes.com/tag/project.html">project</a> called ANDY — which has significantly declined from its all-time high.
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 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 pic.twitter.com/iKu7zb6YeS— ZachXBT (@zachxbt) November 13, 2023
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 In the five hours following ZachXBT’s post, <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> 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.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/14/4a5a6c741e1198a3b47385a2d96244a7.webp">
 <figcaption style="text-align: center;">GROK’s price plunged more than 70% in five hours following ZachXBT’s allegations. Source: DexTools
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 In a follow-up post, 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.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/14/2c246cd404cff022b21e84d37e483369.webp">
 <figcaption style="text-align: center;">The Grok developer burned 90 million GROK tokens after the token's price plummeted. Source: Etherscan
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 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.
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 all tokens from the deployer wallet has been 100% burnt.https://t.co/mNr48MoFry https://t.co/VSERX5v9qL GROK GROK— GROK (@GROKERC20) November 13, 2023
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 Related: Elon throws AI-generated insults at GPT-4 after OpenAI CEO mocks Grok
 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.
 The <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> was launched on Nov. 5, the same day Elon Musk announced his supposed competitor to OpenAI’s ChatGPT, Grok AI. Over the course of the following week, its value increased 33,650% as <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> traders rushed to capitalize on the hype.
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 Just released Grokhttps://t.co/e8xQp5xInk— Elon Musk (@elonmusk) November 5, 2023
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/elon-musk-ai-project-inspired-memecoin-grok-falls-74-on-creator-scam-claim-tbt70161.html">https://thebittimes.com/elon-musk-ai-project-inspired-memecoin-grok-falls-74-on-creator-scam-claim-tbt70161.html</a>

Elon Musk AI project inspired memecoin ‘Grok’ falls 74% on creator scam claim

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