MEXCElon Musk-Inspired GROK Falls 20x As Scam Rumors Trigger 31 Mln Sell-Off
GROK, an Elon Musk’s project-inspired token backed by Grok AI, an artificial intelligence service by Elon Musk-owned social app X, recently plunged 20x following the rumors of a scam orbiting around Grok’s X account, disclosing data that the account was recycled from another scam token project’s account, as of today, November 14.
Following the scam rumor wherein the X account belonging to GROKERC20’s origins was revealed, a smart trader sold whopping amounts of GROK for ETH, resulting in an overall dump witnessed by the AI-backed cryptocurrency.
Crypto Scam Rumor Facilitates GROK Swap
According to recent reports by Zachxbt’s X handle, a blockchain detective, data revealed that the Grok’s (GROKERC20) social media accounts and websites were recycled from a scam token’s project. The data unveiled disclosed that following the revelation of Grok’s X account’s origins, a smart address, 0xbb0, sold $400k worth of GROK for ETH as of writing. The unknown address 0xbb0 sold 30.97 million GROK for 194 ETH.
The same wallet accounted for 0.5% of the total GROK tokens in supply, resulting in a massive price plunge witnessed by the token following the sell-off.
Amid the ongoing rumors of Grok’s social media account being recycled by a scam token project’s account, the aforestated sell-off caught the eyes of crypto market enthusiasts globally as the GROK price witnessed a massive drop, along with the smart trader, 0xbb0, earning a $416k profit in two trading cycles.
Also read: SOL Poses Remarkable Performance Despite FTX Asset Liquidation
GROK Price Evaluation
As of writing, the GROK price witnessed a substantial downfall of 40.44% over the past twenty-four hours, reaching $0.000008215. Although the price was significantly up swinging 37.11% over the past seven days, the revelation of Grok’s X account being recycled from the scam token project’s account caused a substantial downfall recently.
However, crypto market enthusiasts still eye the token hoping for a positive future outlook due to the phenomenal growth portrayed by the token over the past few days.
Also read: Ethereum Network Fees Hit 4-Month With ETH Price Under Pressure, What’s Next?
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Bitcoin White Paper Turns 17 Today as Satoshi’s $120B Fortune Climbs $2.8 Billion
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
