After a surge of over 80% in 24 hours, meme coin GROK was cut off due to news of its involvement in a scam.

Recently, in this wave of rising market, GROK, a meme coin named after the AI model Grok system launched by Musk, has taken a unique development path.

Related reading: " Musk's Grok model becomes "single wealth password" with a 5-fold increase in two days"

Among them, the meme project @GROKERC20 on X had the largest increase, with a price increase of more than 5 times in 2 days, and the quoted price at the time of writing was 0.0029 US dollars. Currently, the market value of GROK token exceeds 18 million US dollars, and the trading volume exceeds 6 million US dollars.

According to its official Twitter and website, the meme token temporarily designed the logo and website page with the concept of xAI, and placed the token contract in a prominent position. Its Telegram channel currently has nearly 3,000 people.

On November 10th, GROK was launched on Bitget and continued to show an amazing rise, with a 24-hour increase of up to 86.71%. On the 13th at 19:00, the price of GROK reached a high of 0.024.

While watching the rapid rise of GROK in the community, on the 14th at 0:00, on-chain detective ZachXBT stated on Twitter that "meme coin GROK was created by scammers". As a result, the GROK token fell more than 50% in a short period of time. Although there was a brief recovery, it has been difficult to return to its high point. At the time of writing, the price of GROK is about half of its high point 15 hours ago.

In a tweet, ZachXBT stated that "the meme coin GROK on Ethereum was created by scammers, and the same X/Twitter account (Twitter ID: 1690060301465714692) has been used for at least one other scam."

45 minutes after this tweet was posted, the GROK team urgently launched a space as a response, but did not provide effective information, which was difficult to calm the emotions of GROK investors. Someone commented, "This is the worst space I have ever attended. Because of your poor public relations skills, I sold all my GROK."

Half an hour later, GROK announced that developers had burned 100% of the tokens in the deployer's wallet. A total of 180 million tokens, worth over $2 million. This means that GROK will become a project owned 100% by the community. This response restored investors' confidence and caused the GROK price to rebound by over 30% within an hour.

Later, the community @RomeoTrades made a long tweet stating that "the developers did have a project on Twitter, but it was not a scam. This project was never able to attract people's attention and eventually died out." And bluntly stated that "from the first day, a carefully planned major false attack was launched to compete or reverse the project $GROK. What happened will only make the project stronger and the community stronger."

The true situation of the GROK development team is unknown. However, as a meme coin, its value lies in the attention it can attract. After this storm, how far can GROK go?

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