Elon 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?

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