Recently, a shitcoin named Grok was launched, referring to Elon Musk’s generative AI project. As on-chain investigator ZachXBT noticed that the “project’s” X account was linked to past scams, the asset’s price plummeted.
Grok shitcoin collapses after ZachXBT revelations
The years go by and the patterns are the same. Since the initial Dogecoin (DOGE) joke, hundreds if not thousands of “projects” have followed one another in an attempt to capitalize on the “memecoin” trend.
One of the latest is Grok, a shitcoin whose X description claims to be “nothing more than a meme grok”, but whose website doesn’t hesitate to make direct reference to Elon Musk’s generative artificial intelligence (AI) project of the same name.
Indeed, the entrepreneur presented this project ten days ago and the token was launched the same day, rapidly gaining several thousand percent :
Just released Grokhttps://t.co/e8xQp5xInk
– Elon Musk (@elonmusk) November 5, 2023
For his part, on-chain investigator ZachXBT noticed that shitcoin Grok’s X account had been renamed several times, and was in fact behind at least one past scam:
Not that people in this space will care but @GROKERC20 $GROK was created by a scammer.
Same exact X/Twitter account has been reused for at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
– ZachXBT (@zachxbt) November 13, 2023
Following these revelations, the token, which had reached a high of $0.06766, is now trading at $0.01310 at the time of writing, a drop of over 80%.
For its part, the project’s “developer” has issued a statement, in which it denounces the FUD surrounding the asset, while thanking its community for its support. Prior to this, 90 million Grok had been destroyed in an attempt to calm the fire :
Whether it’s about animals or trending terms, as is currently the case with AI, it’s worth noting that the models surrounding these tokens are often very similar, playing the “tight-knit community united around a meme” card.
While some of these tokens manage to hold up over the long term, most of them quickly fall into oblivion, generating losses for gullible investors, thanks to whom the creators of these “projects” manage to generate profits.
