The price of the meme coin, named after Musk's AI project Grok, plummeted by more than 70%

By Tom Mitchelhill, Cointelegraph, compiled by Song Xue, Golden Finance

The price of memecoin, named after Elon Musk's artificial intelligence project "Grok", plummeted by more than 70% after blockchain sleuth ZachXBT claimed that the token's social media accounts were recovered from the scam token project. **

In a November 13 (pre-Twitter) post, ZachXBT shared some screenshots showing that various social media accounts and websites associated with the Grok (GROK) token were repurposed from old projects, including an abandoned memecoin project called ANDY, which has fallen significantly from its all-time high.

Within five hours of ZachXBT's post, memecoin enthusiasts witnessed GROK plummeting 74% from its all-time high of $0.027 to a low of $0.007. According to DexTools, its price has since fallen back to $0.011.

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After ZachXBT filed the allegations, the price of GROK plummeted by more than 70% in 5 hours. Source: DexTools

In a follow-up post, ZachXBT noted that the Etherscan transaction showed that the GROK team was sending about $1.7 million worth of tokens to a burn address to reduce supply and restore confidence in the tokens.

! [B9VlnOsn4YKSW7hF4Hv2JMsEpXRIFj7CaYqS2nth.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-54aea3f8f5-dd1a6f-cd5cc0.webp "7135575")

After the token price plummeted, the Grok developers burned 90 million GROK tokens. Source: Etherscan

The X account of the GROK token claimed in a Nov. 14 post that the development team had burned all the tokens in the deployer's address, and that about 180 million GROKs were worth about $2 million at the current price.

At its peak of $0.027 on November 13, GROK had a market cap of nearly $200 million, making it one of the largest new memecoins in the current cycle.

Memecoin launched on November 5, the same day Elon Musk announced OpenAI's ChatGPT rival, Grok AI. Over the next week, Memecoin increased in value by 33,650% as traders capitalized on the hype