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.
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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.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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