Grok (GROK) token, impressed by Elon Musk’s synthetic intelligence service by way of X (previously Twitter), has not too long ago come below scrutiny following explosive progress in market capitalization.
In line with latest reports, Grok zoomed to a staggering $160 million market cap inside simply eight days of its launch. Nevertheless, studies of alleged rip-off involvement have overshadowed the token’s fast 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% enhance. The token boasts a formidable 11,000 holders and has witnessed a buying and selling quantity of over $60 million over the previous 24 hours, in line with information from DEXTools.
Nevertheless, ZachXBT, a self-proclaimed crypto detective, has raised considerations in regards to the legitimacy of Grok, stating that the token was created by a scammer. ZachXBT has acknowledged that the identical X/Twitter account related to Grok has been linked to no less than one different fraudulent scheme. ZachXBT acknowledged:
Not that individuals on this area will care however GROKERC20 GROK was created by a scammer. Identical precise X/Twitter account has been reused for no less than 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 mentioned:
That is Grok. $1.9M liquidity and a $137M market cap? What an effing rip-off. Not solely that, it’s fully fraudulent to commerce this understanding Elon Musk, the proprietor of Grok, didn’t authorize these devs to launch a token. Think about touching this poisonous trash.
Consultants from Arkham Intelligence additionally weighed in, reporting that an on-chain dealer bought a major quantity of GROK at almost 40% slippage, reinforcing the rip-off allegations made by ZachXBT.
The controversy surrounding Grok has raised considerations inside the cryptocurrency group. Critics argue that the token’s market cap, coupled with the shortage 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 reveals a liquidity of $1.83 million.
Regardless of experiencing a considerable slippage of 48%, with its value 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 studies will floor to make clear the people behind the token’s creation and their targets, doubtlessly exposing the chance of a rug pull inside the cryptocurrency trade.
Nevertheless, regardless of these allegations, the token has attracted important consideration and pleasure from traders desperate to take part within the potential surge of the following main meme coin, aiming to attain substantial positive aspects 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
