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

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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.

[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.

victoria

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.

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