GROK’s Value Drops 81%
GROK, the meme coin that shares a name with an AI chatbot founded by Elon Musk, has almost lost its entire value after on-chain sleuth ZachXBT wrote on X that it was created by a well-known scammer. Over the past 24 hours, GROK has plummeted 81%, according to data from CoinMarketCap.
ZachXBT told his followers that the X account promoting GROK had marketed another token called ANDY, which rug-pulled investors a few years ago. Following the on-chain sleuth’s X post, GROK has seen its market cap of $130 million drop to nearly $1 million within 24 hours.
After peaking at $0.00011 on Monday, the meme coin is now changing hands for $0.0000026 per data on CoinMarketCap. After ZachXBT accused the GROK creator of being a scammer, analytics firm Arkham Intelligence noticed one holder of the meme coin selling GROK worth $500,000 at 45% slippage as they rushed to unload them.
GROK Creator Burns Tokens to Prove They’re Not Scammers
Meanwhile, GROK creator maintains that they are not scammers, nor do they want to rug-pull investors. To prove their innocence, they sent GROK tokens worth $1.8 million stored in their wallet to a burn address and shared an Etherscan link for people to confirm the transaction.
While the move to burn the tokens was intended to show that the GROK creator was not looking to dump their bag on investors and leave them with worthless tokens, it didn’t convince most holders that the meme coin was a good buy. Instead, they continued to sell.
“GROK Creator is not Trying to Scam Us,” Some Holders Tell ZachXBT
However, some were convinced that the GROK creator did not intend to rug-pull them. They even started to accuse ZachXBT of WRECKING them by causing FUD. Those who stood by the GROK creator claimed the meme coin was a community project and that there was no way the creator would scam them.
The criticism pushed ZachXBT to write a new post in which he said he gets called out for exposing scams as some investors claim he is spreading FUD, but when he doesn’t, and investors get scammed, they start telling him that he should have done something.
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