Elon Musk’s McDonald’s Tweet That Created A New Cryptocurrency Called Grimacecoin Is Likely Fake

Tesla CEO and longtime Dogecoin advocate, Elon Musk, on January 25 tweeted to McDonald’s in an attempt to get the fast food chain to accept DOGE as payment. McDonald’s responded by saying that they would only change if Tesla also accepted a then non-existent currency called “Grimacecoin”. While McDonald’s reaction was an obvious joke, opportunists quickly created a cryptocurrency based on the McDonald’s Grimace logo, the purple blob used by McDonald’s for marketing and advertising along with a series of fake coins named Grimace.

Immediately after the tweet, dozens of cryptocurrency transactions under the name Grimacecoin started appearing and rapidly increasing in value on various blockchains. Dex Screening Machine, a tool that monitors token activity on various decentralized exchanges, has revealed that several of these tokens are being traded. These networks include Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom.

The stock with the biggest price increase in this round is Grimacecoin on BSC’s PancakeSwap, spiked 285,000 percent in its first 24 hours of existence, before slowing somewhat.

A few hours later, people from all over the world rushed to create fake Grimace tokens on electronic money market. It is worth noting that there is no Grimace Coin in the crypto world at the time of the tweet. McDonald’s tried to promote the idea as a joke, but some people saw the opportunity and started making counterfeit coins with that name.

One of these newly created tokens started trading at $0.0007 (about Rs 0.05) and hit $2 (about Rs 150) at its peak before dropping to 60 cents, according to the report. Coindesk. Its market value has grown to almost $2 million (approximately Rs. 15 crore). Another Grimacecoin increased by 56,000 percent, reaching 1,000 holders and a market value of $6 million (approximately Rs. 45 crore).

While many in the meme coin community are exploding at the new twist of events, others advise caution because of past coin meme-related scams. One of the most notable cases of coin meme going sour is the so-called Squidgame Cashwas wiped out last year after its founders allegedly ran away with $2.5 million worth of Binance tokens (about Rs. 19 crore).

The coin is inspired by the popular Netflix show Squid Game and has skyrocketed more than 300,000 percent after its launch. However, its entire market capitalization was wiped out in just 15 minutes, leading to warnings about the current Grimace coin from many in the crypto community.

Meanwhile, Musk’s McDonald’s tweet shows DOGE increased in value more than 7 percent through January 26.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and investment founder Alok Jain on Trajectorypodcast Gadgets 360. Orbit is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcast.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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