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Elon Musk’s AI chatbot, Grok, has unintentionally become the center of a crypto controversy, promoting what could be a scam token.

The development comes amid rising concerns of fraudulent crypto, questioning the integrity of token launchpads such as Solana-based Pump.fun, among others.

Crypto Scam Alert: Did Grok AI Accidentally Pump a Token?

Grok, after being prompted by a user’s leading question, initially suggested “GrokCoin” as the name of a meme coin. It then provided a wallet address for the said GrokCoin in response to a now deleted post. Grok also clarified that GROKCOIN is a meme coin on the Solana blockchain, inspired by xAI’s Grok AI.

“GROKCOIN, mentioned in the post, is a memecoin on the Solana blockchain, with the wallet address 3MadWqcN9cSrULn8ikDnan9mF3znoQmBPXtVy6BfSTDB. It’s inspired by xAI’s Grok AI, launched in November 2023, and trades with a current market cap of around $17 million, per CoinMarketCap, but its value is highly volatile.” Grok indicated.

Shortly after, the token’s market capitalization surged to $12 million, with an astonishing $51.9 million trading volume. At press time, the GrokCoin had a market cap of over $25 million. Meanwhile, data on GMGN shows the token’s value soared nearly 100,000%. This surge came as unsuspecting investors bought into what is likely an orchestrated scheme.

“Grok casually dropping a meme coin name, and the market instantly throws millions at it, peak crypto behavior. AI narratives + meme coins are a different kind of money printer no doubt about that,” one user quipped.

Despite this, skepticism remains high. It appears that an individual intentionally created the token before prompting Grok to mention the coin and wallet address publicly. This assumption comes as the question leading to Grok’s response was quickly deleted, suggesting a deliberate effort to manipulate the market.

It is also worth noting that the creator of GrokCoin has created over 470 coins, according to data from Soul Scanner

The incident highlights how scammers exploit AI tools to create and promote fraudulent tokens. It raises serious concerns about the growing trend of AI-driven crypto scams and market manipulation.

Recently, China exposed the DeepSeek crypto fraud, in which scammers used AI-generated materials to deceive investors. Another incident happened in Hong Kong, where scammers used deepfake technology to mislead investors into fraudulent schemes.

Following the latest development, similar Grok-themed tokens are flooding the Solana-based platform Pump.fun. This further adds to market manipulation concerns and potential investor losses.

Against this backdrop, experts warn that the trend may soon collapse under the weight of increasing scams. BeInCrypto reported that the meme coin market may be at risk of crashing as fraudulent projects flood the space.

Regulators are taking notice of these deceptive practices. A new bill proposed in New York aims to impose strict penalties on crypto scammers. As BeInCrypto reported, the bill defines civil fines of up to $5 million for fraudulent activities.

Such measures highlight the growing urgency to combat illicit schemes and protect investors from falling victim to AI-driven fraud.

The post GrokCoin: How Elon Musk’s AI Triggered a $25 Million Token Surge and Sparked Scam Fears appeared first on BeInCrypto.

Made in USA coins have delivered a mixed performance in the first week of May, with PENGU, SUI, and RENDER showing very different trajectories. PENGU surged by 107% over the past week, signaling a strong recovery after months of correction.

SUI also impressed, jumping 70% and positioning itself among the largest Made in USA coins. Meanwhile, RENDER struggled to gain traction, underperforming both the broader market and the leading AI coins.

Pudgy Penguins (PENGU)

PENGU was once the leading meme coin on Solana, reaching a peak market cap of $2.9 billion on January 6.

However, after its explosive rise, the token entered a prolonged correction phase, with its market cap falling below the $1 billion mark by January 29.

Since then, PENGU has struggled to regain its previous momentum, reflecting broader cooling interest in meme coins during that period.

Despite the correction, recent price action suggests that sentiment around PENGU may be shifting again.

Over the past seven days, PENGU has surged by 107%, including a gain of more than 16% in just the last 24 hours. PENGU could soon test the $0.011 resistance level if this strong momentum continues.

A break above this point could open the path toward $0.0126, and if bullish pressure remains strong, further targets at $0.0171 and even $0.0223 could come into play — breaking above the $0.020 mark for the first time since January 27.

SUI

SUI has been one of the standout performers among altcoins over the past week, surging 70% and positioning itself just behind Cardano, Solana, and XRP in market cap among the major Made in USA coins.

With such a powerful move quickly, SUI is approaching critical technical levels that could determine whether the rally continues or faces a pullback.

Recently, SUI tested the resistance at $3.73 but failed to break through it. If it manages to test this level again and successfully break above it, the next target would be $4.25, which would also mark SUI’s first time trading above $4 since January 31.

However, if bullish momentum fades, SUI could retrace to test the $3.25 support zone.

Losing this support could lead to a deeper correction toward $2.92 or even $2.51, making the coming price action especially important for assessing whether SUI’s rally can extend further.

RENDER

RENDER has been lagging behind the broader market, posting only a 2% gain over the last seven days, far less than most other major Made in USA coins.

It has also underperformed relative to the top AI-focused tokens, such as TAO, FET, and VIRTUAL, which have shown much stronger momentum.

This lackluster performance suggests that while artificial intelligence narratives continue to gain traction, RENDER has struggled to capture the same level of enthusiasm, raising concerns about its near-term outlook compared to its peers.

Technically, RENDER’s EMA lines are signaling potential weakness, with the possibility of a death cross forming soon.

If the downtrend materializes, RENDER could first test support at $4.25; losing that level could open the door for deeper drops to $3.82, $3.55, and even $3.14.

However, if RENDER manages to regain positive momentum, a rebound toward $4.63 could still be in play.

The post Top 3 Made In USA Coins For The First Week of May appeared first on BeInCrypto.

Coinbase announced that it is delisting MOVE, which subsequently plunged over 16%. The exchange did not describe any specific reasoning for this action, leading community speculation to flourish.

New evidence alleges that Movement Labs was directly or indirectly involved in a market maker dumping 66 million MOVE tokens. Coinbase may have lost confidence in the project between those rumors and a delayed airdrop.

Why Did Coinbase Delist MOVE?

Although Coinbase has the well-documented ability to boost certain cryptoassets by listing them, the reverse is apparently also true. The exchange will suspend all MOVE trading in exactly two weeks, immediately causing the asset to plummet.

In addition to this 16% price drop, MOVE’s daily trading volume surged 130%. This suggests that MOVE holders are selling their assets after Coinbase’s delisting announcement.

This is a serious blow to Movement Network’s credibility and reputation. The project showed significant potential and even outperformed Bitcoin and Ethereum during the Q1 2025 cycle. It also raised $100 million in VC funding earlier this year, backed by notable investors.

However, Coinbase’s delisting is not unfounded. Earlier today, Movement Labs announced that a planned airdrop was being delayed, helping spark frustration. That may have been the final straw for Coinbase, on top of pre-existing problems.

Specifically, Movement Labs claimed it would investigate an instance of potential fraud in mid-March. A market maker dumped 66 million MOVE tokens, triggering a sharp price drop.

New evidence has come to light, leading users to allege that Movement Labs was directly or indirectly complicit in these dealings. The company allegedly loaned 50% of MOVE’s supply to investment platform Web3Port, which proceeded to dump a large volume of tokens.

Based on these incidents, the community fears a repeat of MANTRA’s historic OM crash. Meanwhile, Movement Labs is backed by the Trump Family’s World Liberty Financial. The DeFi project holds more than 7 million MOVE tokens.

The post MOVE Crashes 16% After Coinbase Delisting – Here’s What Happened appeared first on BeInCrypto.