Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet

victoria
January 27, 2022 Updated March 2, 2022
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Fake Grimacecoin Jumps 285,000% After McDonald’s’ Tesla Joke

Elon Musk’s tweets related to crypto are really doing wonders to some new cryptos and even creating them!

Musk had tweeted, “I will eat a happy meal on tv if McDonald’s accepts Dogecoin,” urging Mcdonalds to accept Doge as payment. Right after the tweet, the dogecoin price surged as much as 8% to $0.1445, according to data from CoinMarketCap.

McDonald’s tweeted a response to the Tesla CEO and said it would only accept Dogecoin if “Tesla accepts grimacecoin.”

The message accompanied an image of a purple coin with Grimace’s face.

This tweet exchange between Musk and McDonald’s helped create a new cryptocurrency, Grimace Coin, which spurred as much 285,641% within hours.

The grimacecoin token began trading at $0.0007 and surpassed $2 before slipping to the $0.60 level.

Fake Grimacecoin Jumps 285,000% After McDonald’s’ Tesla Joke
[Image via grimacecoineth/Twitter]
Coindesk wrote, “That token reached a market capitalization of nearly $2 million at peak prices. It was worth $800,000 at press time and had over $65,000 in a liquidity pool created and supplied by users. Blockchain data, however, shows 93% of these tokens are owned by a single entity.”

Grimacecoins weren’t confined to the BSC network alone. An Ethereum-based grimacecoin spiked 56,000% immediately after its issuance. It had 1,000 holders and a $6 million market capitalization.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.