GROK Token – Another Scam?
In eight days since its launch, a token inspired by Elon Musk's Grok AI, linked to X, has skyrocketed to a market capitalization of $160 million. This surge adds to the speculative trends seen this year, spanning from frog-themed tokens to hamster racing.
Grok prices have more than doubled in the last 24 hours, continuing a week-long rally that hit an astounding 13,000%. This means a $100 investment in the tokens could have turned into $13,000 in seven days.
The $GROK token has gained popularity with 11,000 holders and a trading volume of $25 million in the past 24 hours.
Top $GROK holders currently sit on unrealized profits ranging from $2.1 million to over $6 million. However, the liquidity for the GROK-USD pair is only $3.5 million, making it susceptible to a significant sell-off that might reverse the token's surge.
ZachXTB flagged the project as a potential scam, tracing the X accounts used for token creation and discovering that the same X/Twitter account has been reused for at least one other scam.
The project's developer burned approximately $90 million worth of GROK (approximately $1 million) right after ZachXTB's tweet…
