A meme coin named after Elon Musk’s artificial intelligence (AI) bot has witnessed a spectacular collapse following accusations from noted blockchain investigator, ZachXBT.
The recently launched Grok memecoin hit a market cap of $160 million just eight days after its debut.
ZachXBT’s Accusation
The eight-day old meme coin has been experiencing considerable volatility. The token registered an increase of 13,000% over the past week, helping it reach its $160 million market capitalization. However, despite having around 11,500 holders and significant trading volumes, liquidity for GROK/USD remains limited, which increases the risk of a price collapse if large volumes of the token are sold.
Now, the price of the meme coin has registered a spectacular collapse following allegations by cryptocurrency sleuth ZachXBT. The cryptocurrency sleuth alleged that the token’s social media account was recycled from a scam token project. In a post on the 13th of November, ZachXBT shared seve
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