Home>BLOCKCHAIN>Elon Musk AI challenge impressed memecoin ‘Grok’ falls 74% on creator rip-off declare
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Elon Musk AI challenge impressed memecoin ‘Grok’ falls 74% on creator rip-off declare

13 Nov 2023
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The value of a memecoin drawing its namesake from Elon Musk’s synthetic intelligence challenge “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a rip-off token challenge.

In a Nov. 13 X (previously Twitter) put up, ZachXBT shared screenshots exhibiting varied social media accounts and web sites tied to the Grok (GROK) token have been repurposed from outdated initiatives — together with an deserted memecoin challenge called ANDY — which has considerably declined from its all-time excessive.

Within the 5 hours following ZachXBT’s put up, memecoin fanatics watched as GROK plunged 74% from its all-time excessive of $0.027 to as little as $0.007. Its worth has since retracted to $0.011, per DexTools data.

GROK’s worth plunged greater than 70% in 5 hours following ZachXBT’s allegations. Supply: DexTools

In a follow-up post, ZachXBT pointed to an Etherscan transaction exhibiting GROK’s group despatched roughly $1.7 million price of the token to a burn tackle in a bid to cut back provide and restore confidence within the token.

The Grok developer burned 90 million GROK tokens after the token’s worth plummeted. Supply: Etherscan

The X account for the GROK token claimed in a Nov. 14 put up that the event group had burned all the tokens from the deployer tackle, some 180 million GROK price roughly $2 million at present costs.

Associated: Elon throws AI-generated insults at GPT-4 after OpenAI CEO mocks Grok

At its peak worth of $0.027 on Nov. 13, GROK commanded a market capitalization of almost $200 million, making it one of many largest new memecoins within the present cycle.

The memecoin was launched on Nov. 5, the identical day Elon Musk announced his supposed competitor to OpenAI’s ChatGPT, Grok AI. Over the course of the next week, its worth elevated 33,650% as memecoin merchants rushed to capitalize on the hype.

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