A memecoin named after Elon Musk’s AI bot experiences a dramatic downfall following allegations by blockchain investigator ZachXBT.

The newly introduced Grok memecoin reaches a market cap of $160 million just eight days after its launch. 📉💥😱

The GROK Meme Coin 🚀

At its peak price of $0.027, The GROK meme coin commanded a market capitalization of nearly $200 million. This made the token one of the largest new meme coins in the market during the ongoing cycle. 📈💰

The GROK meme coin was launched on the 5th of November, the same day Elon Musk announced a potential competitor to OpenAI’s ChatGPT, Grok AI. The next few weeks saw the #Grok token’s price surge as meme coin enthusiasts rushed to capitalize on the hype around the token. 🚀🌐

Dodgy meme coin projects have recently increased, given the ease of token creation and trading on decentralized exchanges. Some projects include the BALD token (named such because Coinbase CEO Brian Armstrong is bald), which launched on Base, Coinbase’s Layer-2. The creators of the project eventually made off with millions. 💼💸

Another token, Pepecoin, generated considerable interest, leading to its market capitalization crossing $1.5 billion. However, the team behind the project transferred millions of PEPE tokens into exchanges without any prior warning. 📉💔

There are also several dog-themed tokens and projects that pay homage to the original meme coin, Dogecoin. 🐕🌐

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Disclaimer:

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 📢💸🚨