The value of a memecoin that derives its name from Elon Musk’s artificial intelligence project “Grok” fell by more than 70% after the assertion made by blockchain investigator ZachXBT that the token’s social media account had been repurposed from a fraudulent token project.
ZachXBT shared screenshots in a post on X (formerly Twitter) on November 13 showing how numerous social media accounts and websites associated with the Grok (GROK) token were repurposed from defunct projects, including the abandoned memecoin project ANDY, whose value has dropped substantially since its all-time high.
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.
GROK fell 74% from its all-time peak of $0.027 to a low of $0.007 in the five hours that followed ZachXBT’s post, as observed by memecoin enthusiasts.
As of now, its price has decreased to $0.011, according to DexTools data.
ZachXBT referenced an Etherscan transaction in a subsequent post that demonstrated GROK’s team transferred an estimated $1.7 million worth of the token to a burn address to diminish supply and reinstate trust in the token.
In a post dated November 14, the GROK token’s X account asserted that the development team had destroyed the entire supply of tokens from the deployer address.
Each token was valued at approximately $2 million at current prices.