Elon Musk’s new project ‘Grok’, which is basically an AI chatbot service with a more humorous and uncensored approach compared to other chatbots, has started. As excitement grew on social media about Grok, a memecoin project of the same name hit the digital asset market. With Musk-inspired branding and arriving at a time when the crypto market is at its highest valuation this year, Memecoin was quick to gain acceptance from the crypto community as it gained fame almost as soon as it was formed.
At the time of writing, Grok was trading at $0.011880 (approximately Rs 0.99) coinmarketcap,
In the last few hours, the value of the GROC token witnessed a massive decline of 70 percent. This happened after a blockchain analyst going by the username @zachxbt on X claimed that social media accounts and websites belonging to Grok were repurposed from old crypto projects.
Later, @zachxbt also reported that the developer team behind Grok transferred approximately $1.7 million (roughly Rs. 14 crores) worth of tokens to the burn address, which will increase the rarity of the token and make it more attractive to investors. Will make it attractive.
As soon as the news began to spread, social media was flooded with rumors and suspicions about Grok being a scam coin. Altcoin valuation which was Allegedly Touching the $160 million (roughly Rs. 1,331 crore) mark earlier this week, it is currently valued at just over $92 million (roughly Rs. 772 crore).
I was the first person to raise awareness on X $GROK X account recycled five days ago. This was a yellow flag to me and one of the main reasons for me not buying. This does not mean that it is a scam, it simply means that the dev has launched many projects before. Let’s see how they bounce back today. @GROKERC20 pic.twitter.com/kkvbh0iewW
– Jake (@JakeGagain) 13 November 2023
Is $GROK The next scam on DEX?
:red_circle:But why is this suspicious?
:arrow_right: Check the market cap of $86M and available… pic.twitter.com/sOyiIf0JZN
– Zia ul Haque (@ImZiaulHaque) 14 November 2023
The Grok scandal caused some general panic selling in the meme pin market, @ERC20Rock doing the right thing, don’t fade anon, just have one $rock :Rocket::Rocket::Rocket::Rocket::Rocket::Rocket::Rocket::Rocket::Rocket::Rocket: pic.twitter.com/CthAwvkfLb
– humbleman :man_in_lotus_position: (@treso888) 13 November 2023
Members of the crypto community are warning each other about making careful investment decisions around newly emerging and hyped cryptocurrencies like Grok.
Musk began rolling out GrokAI on November 5 and on the same day, the crypto project made its debut on social media. Memecoin traders quickly incorporated the hyped altcoin and within a week, Grok saw a steady increase in value. Its all-time high of $0.027 (approximately Rs 2.25) was recorded on November 13.
Musk has not yet discussed anything related to the Grok cryptocurrency.
Google said it is in talks to invest in AI chatbot startup Character.ai
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