The price of GROK has taken a major hit amid rumors that the social media account associated with Grok was previously used for a scam token project. This development has led to a significant decline in GROK’s value.
GROK, a token inspired by Elon Musk’s project and supported by Grok AI, an artificial intelligence service linked to Elon Musk’s social app X, recently experienced a significant 20x drop. The decline was triggered by rumors suggesting a scam associated with Grok’s X account. The information surfaced that the account was recycled from another account related to a previous scam token project on November 14.
In response to the scam rumors and the disclosure about the origins of GROKERC20’s X account, a shrewd trader sold a substantial amount of GROK for ETH. This prompted an overall sell-off in the AI-backed cryptocurrency.
GROK Token Plunge Amid Recycled Social Media Account Rumors
Zachxbt, a blockchain detective, recently reported that Grok’s (GROKERC20) social media accounts and websites were recycled from a previous scam token project. Data revealed that after the origins of Grok’s X account were disclosed, a savvy address, 0xbb0, sold $400k worth of GROK for ETH.
This unknown address liquidated 30.97 million GROK for 194 ETH, representing 0.5% of the total GROK token supply. The substantial sell-off led to a significant drop in GROK prices, with 0xbb0 earning a $416k profit in two trading cycles.
GROK Token Faces 40.44% Price Decline Amid Recycled Account Controversy
As of the latest update, the value of the GROK token has experienced a notable drop of 40.44% within the last twenty-four hours, reaching $0.000008215. Despite a substantial increase of 37.11% in the past seven days, the recent revelation that Grok’s X account was recycled from a scam token project’s account led to a significant downturn.
However, despite the recent setback, enthusiasts in the cryptocurrency market continue to keep an optimistic outlook for the token. This optimism is fueled by the remarkable growth demonstrated by the token in the preceding days.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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