The market cap of AI-inspired altcoin $GROK fell sharply on Nov. 13 after well-known blockchain investigator ZachXBT tied its creator to earlier attainable scams.
Supporters of a Grok token, $GROK, banded collectively within the wake of aspersions surrounding the venture and its developer, who has supposedly created different cryptocurrencies previously.
In response to on-chain sleuth ZachXBT, the venture’s X account was beforehand used to advertise crypto tokens which will or could not have been rip-off efforts. The impartial 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 publish, declined considerably within the aftermath together with its worth.
Backers of the venture opened an X Areas shortly after to dispel what they termed FUD, a time period in crypto which means “worry, uncertainty, and doubt.” The venture’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 publish and others sharing distinct ideas concerning the venture.
At press time, the token’s market cap hovered under $100 million, based on CoinGecko. Its worth was down over 17% inside 24 hours, per CoinMarketCap.
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 most recent in an extended line of cryptocurrencies constructed round in style occasions.