The fictional new cryptocurrency, Grimace Coin, rose by more than 30,000% in price and even gained several other versions in a matter of hours after Tesla CEO Elon Musk tweeted asking fast-food giant, McDonald’s, to accept Dodge Coin (DOGE) as payment.
On January 25, Elon Musk tweeted at McDonald’s in an attempt to get the fast-food chain to accept DOGE as payment. McDonald’s responded by saying that it would only make the change if Tesla also accepted a then-non-existent currency called “Grimacecoin.” That’s a reference to the purple character that’s known to tag along with Ronald McDonald in the popular McDonaldland commercials.
Pump And Dump Of Grimace Coin
Shortly after 35 minutes of the tweet by McDonald’s, the first purchase of GrimaceCoin was created on Binance Smart Chain by an anonymous user and traded on DEX PooCoin.app. Grimace Coin started trading at $0.0007 and reached $2 at its peak before tumbling to 60 cents. Dex Screener, a tool that monitors token activity on different decentralized exchanges, revealed that some variety of this token was trading. These networks included Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom. The biggest gainer of this batch was the Grimacecoin on BSC’s PancakeSwap, which jumped by a whopping 120,000%. Its market value rose to almost $2 million.
At the moment there are already 7 more versions of GrimaceCoin, only on the BSC blockchain, a network known for the ease of creating new tokens. The creation of these fake tokens has led to social-media criticism of McDonald’s, accusing the Chicago burger giant of promoting “scams coins.” The new token has a 10% trading fee, which is another serious red flag that the coin was created to cash in on the hype generated by the joke.
McDonalds’ Tryst With Crypto
