The GROK token, inspired by Elon Musk's AI service called Grok AI, has reached a market capitalization of over $160m just eight days after its release.
The token boasts over 11,000 holders and has seen $25m in trading volumes in the past 24 hours.
However, research reveals that the X account, currently endorsing GROK, has been associated with at least one previous scam project, namely the ANDY token. The ANDY token, which has generated over 20x ROI since its public issuance, quickly dropped to prices less than the public listing, leaving thousands of people at a loss.
Furthermore, in the past few hours, the GROK token team burned ~$1m worth of tokens, causing a further price increase to attract new investors.
All Grok tokens are unrelated to and unaffiliated with the actual Grok AI service.
