The market cap of AI-inspired altcoin $GROK fell sharply on Nov. 13 after well-known blockchain investigator ZachXBT tied its creator to earlier potential scams.
Supporters of a Grok token, $GROK, banded collectively within the wake of aspersions surrounding the undertaking and its developer, who has supposedly created different cryptocurrencies prior to now.
In accordance with on-chain sleuth ZachXBT, the undertaking’s X account was beforehand used to advertise crypto tokens that will or might not have been rip-off efforts. The unbiased investigator pointed to the account’s ID as proof for his or her assertion.
$GROK’s market cap, which had climbed above $120 million earlier than the put up, declined considerably within the aftermath together with its worth.
Backers of the undertaking opened an X Spaces shortly after to dispel what they termed FUD, a time period in crypto meaning “concern, uncertainty, and doubt.” The undertaking’s developer additionally burned tokens from the deployer pockets, price an estimated $1 million, in a transfer meant to spice up public sentiment.
Attendees of the occasion chimed in, with some voicing skepticism concerning ZachXBT’s put up and others sharing distinct ideas in regards to the undertaking.
This Grok token ranked amongst a handful of altcoins issued in early November 2023, coinciding with the early launch of Elon Musk’s Grok AI chatbot stated to rival OpenAI’s ChatGPT. Not one of the tokens are linked with Musk’s firm and had been the newest in an extended line of cryptocurrencies constructed round well-liked occasions.