The price of GROK had a significant decline of 90% during a 24-hour period, as it transitioned from an intra-day peak of $0.06766 to $0.01026 on DEXTools.
The aforementioned development arises in light of the disclosures made by blockchain investigator ZachXBT, indicating that the coin in question was devised by an individual involved in fraudulent activities.
The cryptocurrency, which drew inspiration from Elon Musk's Grok AI and had gained popularity on DEXTools, had a significant decline in value subsequent to the disclosure of certain information.
The market capitalization of GROK had a significant decline of more than 50%, decreasing from $160 million to $78 million.
Grok, a recently emerged cryptocurrency that draws inspiration from Elon Musk's Grok AI, has garnered significant attention on the Crypto X platform. Initially seeing a substantial surge in market capitalization, the coin's value rapidly declined following the disclosure of its fraudulent origins.
The price of Grok has experienced a significant decline of 90% due to its association with fraudulent activities. The Grok (GROK) cryptocurrency has experienced a significant decrease in value on the DEXTools platform, with a decline of 90%. Within the past 24 hours, the price of Grok has fluctuated from an intra-day high of $0.06766 to $0.01026.
The aforementioned information was brought to light by ZachXBT, a blockchain investigator, indicating that the creation of the coins was executed by an individual involved in fraudulent activities.
Due to a significant decline, the project's market capitalization has experienced a substantial decrease, plummeting by more than 50% from an initial value of $160 million to $78 million at the time of composing this text.
Before the emergence of negative discoveries, Grok had exhibited an impressive performance, amassing a substantial number of over 12,000 holders within a remarkably short span of two weeks. According to liquidity measures, DEXTools has accumulated a total of $1.66 million, despite the fact that its contract has been rejected. The significant lack of liquidity poses the risk that a sole selling with a substantial volume of assets might potentially trigger a total downfall in the market's upward trajectory.
According to DEXTools, contract renunciation refers to the act of relinquishing control over a contract, therefore preventing the creator from exercising authority such as minting more GROK tokens, imposing higher taxes, blacklisting wallets, or engaging in other contract tasks that may pose risks to investors and holders.
However, in light of the recent disclosure on its origin by an individual involved in fraudulent activities, it is imperative for investors to remain cautious and alert.
The GROK coin, although drawing inspiration from Elon Musk's Grok AI chatbot, is not directly associated with it.
It is crucial to emphasize that the GROK token is derived from an artificial intelligence (AI) service belonging to the social media platform X. This AI service is distinct from Elon Musk's Grok AI chatbot and does not have any connection to it. Grok is an artificial intelligence chatbot service that is distinct from the GROK tokens. It has been newly introduced and early demonstrations indicate that the service exhibits a comparatively higher level of freedom from censorship and incorporates elements of comedy. The aforementioned factor has significantly contributed to the AI tool's ability to get attention and garner support from the community.
According to a study by Coindesk, the GROK token is considered to be the initial token among several other GROK tokens developed on other blockchains. It is worth noting that many of these other tokens have either resulted in fraudulent schemes or have failed to achieve significant value after being issued.