Elon Musk’ McDonald Tweet Has Created a New Cryptocurrency Called Grimacecoin Which Is Likely Fake

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Tesla CEO and long-time Dogecoin supporter Elon Musk on January 25 tweeted to McDonald’s in an try to get the fast-food chain to simply accept DOGE as fee. To which McDonald’s responded by saying that it might solely make the change if Tesla additionally accepted a then-non-existent foreign money referred to as “Grimacecoin”. While McDonald’s response was an apparent joke, opportunists shortly created a cryptocurrency based mostly on a McDonald’s Grimace, the purple blob character utilized by McDonald’s for advertising and marketing and promoting with a flurry of faux Grimace-named cash too.
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Shortly after the tweet, tens of cryptocurrencies buying and selling beneath the identify Grimacecoin started showing and surging in worth quickly on numerous blockchains. Dex Screener, a software that screens token exercise on totally different decentralised exchanges, revealed that some number of this token was buying and selling. These networks included Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom.

The largest gainer of this batch was the Grimacecoin on BSC’s PancakeSwap, which jumped by a whopping 285,000 p.c over its first 24 hours of existence, earlier than considerably slowing down.

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Hours later, individuals from all throughout the globe flocked to create pretend Grimace tokens on the cryptocurrency market. It’s value noting that there was no Grimace Coin within the crypto world on the time of the tweet. McDonald’s tried to advertise the concept as a joke, however some noticed a possibility and began making pretend cash with that identify.

One of those newly created tokens began buying and selling at $0.0007 (roughly Rs. 0.05) and reached $2 (roughly Rs. 150) at its peak earlier than tumbling to 60 cents, in accordance with Coindesk. Its market worth rose to nearly $2 million (roughly Rs. 15 crore). Another Grimacecoin surged 56,000 p.c, reaching 1,000 holders and a $6 million (roughly Rs. 45 crore) market worth.

While many within the meme coin group are having a blast on the new flip of occasions, others are advising warning due to earlier meme coin-related scams. One of probably the most notable circumstances of a meme coin turning bitter was the so-called Squidgame Cash, which worn out final 12 months after its founders allegedly ran away with $2.5 million (roughly Rs. 19 crore) value of Binance coin tokens.

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The coin was impressed by the hit Netflix present Squid Game and had skyrocketed over 300,000 p.c following its launch. However, its total market cap was worn out in simply quarter-hour, resulting in the present Grimace coin warnings from many throughout the cryptocurrency group.

Meanwhile, Musk’s McDonald’s tweet noticed DOGE rise in worth by over 7 p.c by way of January 26.

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Interested in cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is on the market on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital foreign money, not a authorized tender and topic to market dangers. The info supplied within the article just isn’t meant to be and doesn’t represent monetary recommendation, buying and selling recommendation or every other recommendation or advice of any kind provided or endorsed by NDTV. NDTV shall not be chargeable for any loss arising from any funding based mostly on any perceived advice, forecast or every other info contained within the article. 

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