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Elon Musk and McDonald’s joked on Twitter, GrimaceCoin was launched and shot up 285,000%

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26
Jan
  • Elon Musk exchanged jokes on Twitter with McDonald’s about Tesla accepting GrimaceCoin, and then a project launched with the name and shot up 285,000 percent.
  • Needless to say, investing in GrimaceCoin will almost certainly lead to money loss, with the project showing major red flags.

In the world of cryptocurrencies, anything can make you money, or so it seems. The latest ‘weird’ project is known as GrimaceCoin, and it has notched over 285,000 percent in gains in hours. The most curious thing is that it launched yesterday and is based on a Twitter exchange between fast-food chain McDonald’s and the world’s richest man Elon Musk. And it’s not even the only one.

McDonald’s has been at the center of memes and jokes by the crypto community in the past few weeks as most markets dipped. Hodlers made fun of how they would be applying for jobs at McDonald’s after their investments were wiped out. This included Nayib Bukele, the President of El Salvador.

McDonald’s didn’t take long before it jumped in and started making fun of crypto hodlers.

TRON’s Justin Wu, Binance, Microstrategy’s Michael Saylor, Charles Hoskinson, Huobi, and more all replied to the fast-food chain.

However, it was a reply by Tesla CEO Elon Musk that led to a chain of events that ended up in a new crypto project that’s tearing it at the charts. Musk said that he will eat a happy meal on TV if McDonald’s accepts Dogecoin.

And of course, McDonald’s replied, saying that it would do it, but only if Musk’s electric vehicle giant Tesla accepted GrimaceCoin. Grimace is a rotund purple character that the fast-food chain has featured in some of its advertising campaigns.

This was clearly meant to be a joke, but some developers run with the idea. In hours, over 10 projects with GrimaceCoin in their title were launched on Binance Smart Chain.

One such token launched at $0.0007 but shot up to $2, a 285,614 percent rise in just a few hours. It has since tumbled as the hype died.

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Another GrimaceCoin has recorded a similar trajectory, shooting up parabolically in hours before dipping.

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One of the projects already has a Twitter following exceeding 8,200, despite only being registered yesterday. It’s not clear how many of the followers are real and how many are bots.

And it’s not just on BSC where such projects popped up. One GrimaceCoin on Ethereum claimed to be up by 56,000 percent since it launched.

While McDonald’s has yet to make an official statement, the projects are not in any way affiliated with the company. Investors in such projects stand the risk of losing all their investment, just as those who invested in Squid Game token did.

Read More: Squid Game token crashes to zero as developers take off with $3.3M

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