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There were very striking developments yesterday for the cryptocurrency named Grok, which was inspired by Elon Musk’s artificial intelligence initiative. According to the statement made by blockchain researcher ZachXBT, who is a critic of the project, stating that the project is a scam, there were sharp drops in the price. One investor took advantage of this situation and made a profit of $460,000 in just 10 minutes.
ZachXBT, who monitors and reports movements on the blockchain, made a post on page X yesterday, drawing attention to the possibility that the GROK project could be a fraudulent activity. According to ZachXBT, the project was created by a scammer. After this development, there was a sharp drop in the price of GROK Coin. The price suddenly experienced a 75% decline.
Following ZachXBT’s claim that GROK was created by a scammer, the address named 0xbb03 quickly took action and sold all 30,970,000 GROK tokens for 195 ETH equivalent to $400,000. This move indicates a quick response to the news with the desire to minimize losses and potentially exit a jeopardized asset.
Striking Result: Huge Profit
Here, we also want to mention the result while evaluating the move. Because the move by the relevant address did not end with just that. Accordingly, the address spent only 2 ETH to acquire 105 million GROK tokens, taking advantage of the price drop.
Since the price later entered a slight recovery process, the total profit of this trader reached 227 Ethereum levels. In other words, the investor made a profit of $460,000 in just 10 minutes. These actions remind us of the fast and dynamic nature of trading decisions in response to the information emerging in the cryptocurrency market.
