Elon Musk was addressed by McDonald’s. GrimaceCoin was born. It has increased by 6,000% in just a few hours. Major red flags are displayed. Another day in the crypto world.
There is never a dull day in crypto – a truism that has been confirmed time and time again. Following a chat between Elon Musk and McDonald’s, a newly developed coin referenced in the conversation increased by 6000 percent in less than 24 hours.
Memecoins have become a household term in the bitcoin industry, with several examples.
In fact, meme culture has evolved into an essential component of the industry, which cannot be ignored or underestimated.
One of the most common memes is the mention of McDonald’s as a prospective job possibility during extended bear markets or following savage drops in the values of various cryptocurrencies, such to what we saw in the last few days when Bitcoin’s price fell below $33K.
McDonald’s hats were suddenly everywhere, and even El Salvador’s president, Nayib Bukele, altered his profile photo to one in which he Photoshopped one on his head.
It didn’t take long for the fast-food corporation to notice this and hop on the meme train.
It didn’t take long for the world’s richest man, who is renowned for his fair share of snarky trolling on Twitter, to respond and join in on the fun.
If McDonald’s accepts Dogecoin, I’ll enjoy a happy meal in front of the TV. – Musk stated.
The conversation proceeded, and McDonald’s responded, saying they would “but only if Tesla accepts Grimacecoin.”
That was all it took for some folks to establish an actual coin called GrimaceCoin on the Binance Smart Chain and put it on the market. Its Twitter account now has about 8,000 followers just a few hours after it was launched, however it’s unclear how many are genuine.
The cryptocurrency’s price surged upon its inception, and it’s currently up approximately 6,000 percent at the time of writing, down about 30 percent from its peak.
The coin was produced by unidentified individuals, and it is quite likely that it is a hoax. Many people in the community have warned that it is a rug pull.
It’s also worth noting that every transaction is “taxed” 10% — a significant red flag.