GROK

Clumsy Dragon

GROK, an Elon Musk’s project-inspired token backed by Grok AI, an artificial intelligence service by Elon Musk-owned social app X, recently plunged 20x following the rumors of a scam orbiting around Grok’s X account, disclosing data that the account was recycled from another scam token project’s account, as of today, November 14.
Following the scam rumor wherein the X account belonging to GROKERC20’s origins was revealed, a smart trader sold whopping amounts of GROK for ETH, resulting in an overall dump witnessed by the AI-backed cryptocurrency.
<h2 id="crypto-scam-rumor-facilitates-grok-swap">Crypto Scam Rumor Facilitates GROK Swap</h2>
According to recent reports by Zachxbt’s X handle, a blockchain detective, data revealed that the Grok’s (GROKERC20) social media accounts and websites were recycled from a scam token’s project. The data unveiled disclosed that following the revelation of Grok’s X account’s origins, a smart address, 0xbb0, sold $400k worth of GROK for <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> as of writing. The unknown address 0xbb0 sold 30.97 million GROK for 194 ETH.
The same wallet accounted for 0.5% of the total GROK tokens in supply, resulting in a massive price plunge witnessed by the token following the sell-off.
Amid the ongoing rumors of Grok’s social media account being recycled by a scam token project’s account, the aforestated sell-off caught the eyes of crypto market enthusiasts globally as the GROK price witnessed a massive drop, along with the smart trader, 0xbb0, earning a $416k profit in two trading cycles.
Also read: <a href="https://coingape.com/sol-poses-remarkable-performance-despite-ftx-asset-liquidation/" target="_blank" rel="noopener noreferrer nofollow">SOL Poses Remarkable Performance Despite FTX Asset Liquidation</a>
<h2 id="grok-price-evaluation">GROK Price Evaluation</h2>
As of writing, the GROK price witnessed a substantial downfall of 40.44% over the past twenty-four hours, reaching $0.000008215. Although the price was significantly up swinging 37.11% over the past seven days, the revelation of Grok’s X account being recycled from the scam token project’s account caused a substantial downfall recently.
However, crypto market enthusiasts still eye the token hoping for a positive future outlook due to the phenomenal growth portrayed by the token over the past few days.
Also read: <a href="https://coingape.com/ethereum-network-fees-hit-4-month-with-eth-price-under-pressure-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Network Fees Hit 4-Month With ETH Price Under Pressure, What’s Next?</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/elon-musk-inspired-grok-falls-20x-as-scam-rumors-trigger-31-mln-sell-off/">Elon Musk-Inspired GROK Falls 20x As Scam Rumors Trigger 31 Mln Sell-Off</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Elon Musk-Inspired GROK Falls 20x As Scam Rumors Trigger 31 Mln Sell-Off

Table of Contents

Coingape News Media

Other articles published on Nov 14, 2023

Bitcoin 5-Week Bullish Streak Falters; Can CPI Data Perform Wonders?

Hex Trust Enables Custody For STASIS EURO (EURS) Stablecoin

Bitcoin’s Price Decline Under $37,000 Amidst Whale Sell-Offs and its Impact on Altcoins

COIN360 toplists: how to navigate online services

Ripple v. SEC Settlement Discussion, Here Are Key Dates to Watch

Just-In: Crypto.com Secures Dubai License, Know More Here

Join our free newsletter for daily crypto updates!