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

Published 11/13/2023, 08:44 PM
Updated 11/13/2023, 10:20 PM

The price of a memecoin drawing its namesake from Elon Musk’s artificial intelligence project “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a scam token project.

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 projects — including an abandoned memecoin project called ANDY — which has significantly declined from its all-time high.

GROK’s price plunged more than 70% in five hours following ZachXBT’s allegations. Source: DexTools
The Grok developer burned 90 million GROK tokens after the token's price plummeted. Source: Etherscan

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