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The value of Grovek Meme Coin (GMC) has plummeted after a crypto-sleuth unearthed evidence of links between the coin and a series of scams.
The anonymous investigator revealed a series of web addresses and cryptocurrency wallets associated with the coin were linked to scams. This discovery has caused the coin’s value to drop by over 50% over the past 24 hours, with GMC now trading at around $0.20, down from a high of $0.45.
The coin, which is an ERC-20 token on the Ethereum blockchain, has been billed as a decentralized meme-based cryptocurrency. The coin had seen its value rise quickly in the past few weeks amidst a broader market rally, before crashing due to the revelations.
The scams appear to be largely Ponzi schemes, which pool investor money and promise massive returns which never materialize.
Commentators have expressed concern about the lack of transparency and regulation in the crypto-space, which can make it easier for bad actors and scammers to operate.
The value of the coin is likely to remain volatile as it is repriced in the markets. It remains to be seen if investor confidence in the coin can be restored.