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Elon Musk’s GROK plummets 70%, here’s why

In a swift turn of events, the meme coin linked to Elon Musk’s AI project, Grok [GROK], experienced a staggering 70% plummet in value following allegations by blockchain investigator ZachXBT.

On the 13th of November, ZachXBT disclosed on X (formerly Twitter) that GROK’s social media accounts and websites were repurposed from previous projects, notably an abandoned meme coin named ANDY.

ZachXBT substantiated his claims with screenshots, revealing the apparent recycling of assets from the defunct ANDY project.

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.

X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS

— ZachXBT (@zachxbt) November 13, 2023

This revelation triggered a cascade of events, causing GROK to nosedive from $0.027 to a low of $0.007 within five hours. The community anxiously observed the drastic decline, and GROK’s value settled at $0.012 at press time, according to TradingView.

Source: GROK/USDT, TradingView.

Responding to the crisis, Grok’s development team initiated a bold move by sending approximately $1.7 million worth of the token to a burn address. This was shown in an Etherscan transaction highlighted by ZachXBT.

This strategic token burn aimed to reduce the supply and instill confidence among shaken investors. The burn transaction involved a staggering 90 million GROK tokens, a significant effort to salvage the token’s credibility.

On the 14th of November, Grok’s official account on X (formerly Twitter) declared that they had incinerated the entire supply from the deployer address, amounting to 180 million GROK and valued at around $2 million.

all tokens from the deployer wallet has been 100% burnt.https://t.co/mNr48MoFry
https://t.co/VSERX5v9qL

GROK GROK

— GROK (@GROKERC20) November 13, 2023

At its zenith, GROK boasted a peak price of $0.027. This propelled its market capitalization to nearly $200 million. The meme coin’s meteoric rise commenced on the 5th of November, coinciding with Elon Musk’s unveiling of Grok AI, his purported rival to OpenAI’s ChatGPT.

The ensuing week witnessed a staggering surge of 33,650% in GROK’s value. Meme coin traders, driven by the fervor surrounding Musk’s AI venture, had fueled this initiative.

Though still in its developmental phase, Grok boasts unique features that differentiate it from its contemporaries. Notably, it is touted to be more efficient than ChatGPT. It has an added capability to access real-time information from various sources.

As an extensive language model (LLM), Grok is currently accessible to a select user group. Plans are in place for a broader public release in the near future.

Grok’s versatility also allows it to find applications across various domains and industries. From assisting with inquiries to providing real-time updates and offering humor, Grok caters to educational, informational, entertainment, and customer support contexts, among others.

Source

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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