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

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.”

only if @tesla accepts grimacecoin https://t.co/CQrmAFelHR pic.twitter.com/to9HmYJhej

— McDonald’s (@McDonalds) January 25, 2022

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.

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.