- Grok (GROK) price fell after reports the meme coin creator has links to previous scams.
- The GROK community however rallied against the allegations, that were first highlighted by blockchain sleuth ZachXBT.
- Meanwhile, the Memeinator presale continued to attract investor attention as stage 6 drew closer to an end.
The price of GROK plunged following the revelation, with on-chain data showing the market cap has fallen to below $100 million. According to Lookonchain, one whale dumped more than 30.9 million GROK immediately after ZacbXBT revealed the possible links to a scam.
Grok was trading at $0.01362 across exchanges at the time of writing and 42% down in the past 24 hours.
As we look at what Grok is, we highlight Memeinator – the meme token that aims to clean the industry of scammy and weak dog, frog and such other meme-inspired tokens.
What is GROK?
Grok (GROK), is a meme coin inspired by the Artificial Intelligence project Grok by xAI. It is one of several meme projects to hit the market as Elon Musk’s Grok AI, a chatbot service similar to OpenAI’s ChatGPT, rolled out early November.
Although it’s inspired by an artificial intelligence project, GROK is nothing but a meme. The lack of a roadmap does not inspire much confidence and the burn aside, it is a typical no utility token – the type of project that relies on hype around events like Musk’s xAI unveiling for traction.
What is the Memeinator?
Memeinator (MMTR) is a new meme token built around a resistance movement within the meme coin world. Its goal is to dominate the crypto meme sector by ridding the market of tokens that lack real utility. As for how it works, the Memeinator combines AI and blockchain technology to bring more utility to the community.
Aside from leveraging AI to create a marketing powerhouse, holders of the native MMTR will get opportunities to tap into staking, curated NFTs and the Memeinator game.
The Memeinator mission is not just to destroy weak meme tokens, but do so with a $1 billion market cap target. With a total supply is 1 billion MMTR, this token’s sights might be on Dogecoin (DOGE).
Grok – is it worth buying?
In his November 13 post on X, ZachXBT noted that the creator of GROK token was behind at least two old projects that turned out to be scams. According to the blockchain investigator, accounts currently in use by @GROKERC20 were deployed before, including on one meme coin.
While the Grok market cap plummeted amid the allegations, an X Spaces organised by the token’s backers looked to dismiss them. Addressing the scam allegations, one backer agreed “the dev did have a previous project on the Twitter account, but it was not a scam. That project simply couldn’t attract attention and died.”
The deployer address has now also burned all the remaining tokens and contributors pointed to the 100% community ownership. But is the token burn and sizable community enough to reassure the community? Or are whales who have a massive hoard of GROK going to dump on oblivious buyers?
Is the Memeinator (MMTR) worth buying today?
The clear roadmap, tokenomics and real utility via features such as staking, NFTs and a highly anticipated game are likely to be positive catalysts for community growth and traction. Other than offering an innovative approach, a big plus for the project could be the team.
The MMTR presale that’s already raised over $1.3 million from investors suggests the current price level of $0.0133 could be a great entry point. Notably, the Memeinator price will rise across the 29 presale stages to reach $0.0485, opening a path for a potential rally towards $0.5 and $1 in 2024 and 2025.
Memeinator will go live on major crypto exchanges in early 2024. You can learn more about its deflationary token by visiting their website.
