The GROK meme coin– which shares a name however isn’t connected with Elon Musk’s AI chatbot– shot to no after blockchain sleuth ZachXBT stated it was connected to a recognized fraudster.
Generally stories about meme coins going to no end there. Not this time.
The token cost dropped about 74% the other day after ZachXBT declared that the Twitter account promoting the meme coin has actually been connected to a minimum of another rip-off.
It was a fast turn-around simply hours after GROK attained a market capitalization of $160 million– and all while being an informal token that’s not been okayed by Musk or X AI, his expert system start-up.
After striking an all-time high of $0.02 on Monday, GROK is now trading for less than a cent– $0.008405, according to CoinGecko. In the rush after ZachXBT leveled his allegations at the dev group, on-chain analytics platform Arkham Intelligence identified one trader offering $500,000 worth of GROK tokens at 40% slippage in a rush to discharge them.
The devs who produced GROK keep they’re not attempting to pull off a fraud.
They hosted a Twitter area the other day and after that burned $1.7 million worth of tokens that were being in the deployer wallet. They shared links to the deals on Etherscan to show it. The gesture was indicated to reveal that they didn’t plan to offer the tokens and leave financiers holding useless GROK bags.
That sufficed to persuade some traders that the GROK is a “great trade” and the devs do not plan to rip-off token holders. It even fanned the flames for criticism of pseudonymous on-chain sleuths– mainly from GROK holders who didn’t like seeing the worth of their tokens drop.
One user responded to a message declaring the GROK meme coin group was connected to previous frauds by wagging their finger at ZachXBT for sending it to no. “This is a neighborhood job and you are WRECKING individuals,” the user composed. “So much for being the ‘Good guy’ of [Crypto Twitter]”
Others– rather sardonically– thanked him for conserving them by sending out the token rate to no before the fraudsters could. That left ZachXBT seeming like he’s damned if he does flag most likely rip-offs, damned if he does not.
Since this writing, GROK is sitting at a $56 million market capitalization with $1.4 million worth of liquidity, according to DexTools.
Modified by Guillermo Jimenez
