Grok (GROK) token, impressed by Elon Musk’s synthetic intelligence service by X (previously Twitter), has not too long ago come underneath scrutiny following explosive progress in market capitalization.
Based on latest reports, Grok zoomed to a staggering $160 million market cap inside simply eight days of its launch. Nevertheless, stories of alleged scam involvement have overshadowed the token’s speedy ascent.
GROK Meteoric Rise Marred By Scammer Accusations
Grok token costs have soared, doubling inside the previous 24 hours alone, extending a week-long rally that has seen an astonishing 13,000% improve. The token boasts a powerful 11,000 holders and has witnessed a buying and selling quantity of over $60 million over the previous 24 hours, in keeping with data from DEXTools.
Nevertheless, ZachXBT, a self-proclaimed crypto detective, has raised concerns concerning the legitimacy of Grok, stating that the token was created by a scammer. ZachXBT has said that the identical X/Twitter account related to Grok has been linked to at the very least one different fraudulent scheme. ZachXBT said:
Not that folks on this house will care however GROKERC20 GROK was created by a scammer. Identical precise X/Twitter account has been reused for at the very least one different rip-off. X/Twitter ID: 1690060301465714692
Satoshi Flipper, one other outstanding crypto dealer on X, echoed this sentiment, labeling Grok as an “effing rip-off” and emphasizing that Elon Musk didn’t authorize the token’s launch. Satoshi Flipper stated:
That is Grok. $1.9M liquidity and a $137M market cap? What an effing rip-off. Not solely that, it’s utterly fraudulent to commerce this figuring out Elon Musk, the proprietor of Grok, didn’t authorize these devs to launch a token. Think about touching this poisonous trash.
Specialists from Arkham Intelligence additionally weighed in, reporting that an on-chain dealer offered a major quantity of GROK at almost 40% slippage, reinforcing the rip-off allegations made by ZachXBT.
The controversy surrounding Grok has raised issues inside the cryptocurrency neighborhood. Critics argue that the token’s market cap, coupled with the dearth of authorization from Elon Musk, raises crimson flags.
Spectacular Turnaround
The token’s market cap has undergone a retracement, now at $108 million, down from its earlier worth of $160 million. Moreover, the token displays a liquidity of $1.83 million.
Regardless of experiencing a considerable slippage of 48%, with its price dropping as little as $0.0056000, the token has remarkably recuperated and is now buying and selling at $0.0108452.
It’s but to be decided whether or not additional stories will floor to make clear the people behind the token’s creation and their targets, doubtlessly exposing the danger of a rug pull inside the cryptocurrency business.
Nevertheless, regardless of these allegations, the token has attracted vital consideration and pleasure from buyers wanting to take part within the potential surge of the following main meme coin, aiming to attain substantial features of their investments. As of the time of writing, the Grok official account on X has not made any statements concerning these allegations.
Featured picture from Shutterstock, chart from TradingView.com
GROK Memecoin Faces 40% Drop As Expert Exposes Scammer’s Involvement www.newsbtc.com 2023-11-14 01:04:55
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