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A memecoin drawing its name from the Grok AI project plummeted after allegations its social media account was recycled from that of a former scam token.

The price of a memecoin drawing its namesake from Elon Musk’s artificial intelligence project “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a scam token project.

In a Nov. 13 X (formerly Twitter) post, ZachXBT shared screenshots showing various social media accounts and websites tied to the Grok (GROK) token were repurposed from old projects — including an abandoned memecoin project called ANDY — which has significantly declined from its all-time high.

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

In the five hours following ZachXBT’s post, memecoin enthusiasts watched as GROK plunged 74% from its all-time high of $0.027 to as low as $0.007. Its price has since retracted to $0.011, per DexTools data.

*GROK’s price plunged more than 70% in five hours following ZachXBT’s allegations. Source: DexTools*

In a follow-up post, ZachXBT pointed to an Etherscan transaction showing GROK's team sent roughly $1.7 million worth of the token to a burn address in a bid to reduce supply and restore confidence in the token.

*The Grok developer burned 90 million GROK tokens after the token's price plummeted. Source: Etherscan*

The X account for the GROK token claimed in a Nov. 14 post that the development team had burned all of the tokens from the deployer address, some 180 million GROK worth roughly $2 million at current prices.

all tokens from the deployer wallet has been 100% burnt.https://t.co/mNr48MoFry
https://t.co/VSERX5v9qL

GROK GROK
— GROK (@GROKERC20) November 13, 2023

At its peak price of $0.027 on Nov. 13, GROK commanded a market capitalization of nearly $200 million, making it one of the largest new memecoins in the current cycle.

The memecoin was launched on Nov. 5, the same day Elon Musk announced his supposed competitor to OpenAI’s ChatGPT, Grok AI. Over the course of the following week, its value increased 33,650% as memecoin traders rushed to capitalize on the hype.

Just released Grokhttps://t.co/e8xQp5xInk
— Elon Musk (@elonmusk) November 5, 2023

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Elon Musk launches AI chatbot ‘Grok’ — says it can outperform ChatGPT

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Academic Tests

Grok costs $16 per month on X Premium Plus. But for now it is only offered to a limited number of users in the United States.

Elon Musk and his artificial intelligence startup xAI have released “Grok” — an AI chatbot which can supposedly outperform OpenAI’s first iteration of ChatGPT in several academic tests.

The motivation behind building Gruk is to create AI tools equipped to assist humanity by empowering research and innovation, Musk and xAI explained in a Nov. 5 X (formerly Twitter) post.

Just released Grokhttps://t.co/e8xQp5xInk
— Elon Musk (@elonmusk) November 5, 2023

Musk and the xAI team said a “unique and fundamental advantage” possessed by Grok is that it has real-time knowledge of the world via the X platform.

“It will also answer spicy questions that are rejected by most other AI systems,” Muska and xAI said. "Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humor!"

The engine powering Grok — Grok-1 — was evaluated in several academic tests in mathematics and coding, performing better than ChatGPT-3.5 in all tests, according to data shared by xAI.

However it didn’t outperform OpenAI’s most advanced version, GPT-4, across any of the tests.

“It is only surpassed by models that were trained with a significantly larger amount of training data and compute resources like GPT-4, Musk and xAI said. “This showcases the rapid progress we are making at xAI in training LLMs with exceptional efficiency.”

Example of Grok vs typical GPT, where Grok has current information, but other doesn’t pic.twitter.com/hBRXmQ8KFi
— Elon Musk (@elonmusk) November 5, 2023

The AI startup noted that Grok will be accessible on X Premium Plus at $16 per month. But for now, it is only offered to a limited number of users in the United States.

Grok still remains a “very early beta product” which should improve rapidly by the week, xAI noted.

The xAI team said they will also implement more safety measures over time to ensure Grok isn’t used maliciously.

“We believe that AI holds immense potential for contributing significant scientific and economic value to society, so we will work towards developing reliable safeguards against catastrophic forms of malicious use.”

“We believe in doing our utmost to ensure that AI remains a force for good,” xAI added.

The AI startup's launch of Grok comes eight months after Musk founded the firm in March.

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Grok

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