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Wednesday, January 26, 2022

Fake Grimacecoin Jumps 285,000% After McDonald’s’ Tesla Joke

A token created after a McDonald’s joke tweet surged as much as much 285,641% in a few hours as opportunistic actors jumped at the chance to make cash in a tepid crypto market.

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“Only if Tesla accepts grimacecoin,” said McDonald’s on Wednesday morning, referencing its purple mascot fashioned after a tastebud. That tweet was in response to Tesla CEO Elon Musk’s tweet on Tuesday, “I will eat a happy meal on TV if Mcdonald’s accepts Dogecoin.”

  • While McDonald’s hasn’t pivoted to a crypto token company yet, Wednesday’s tweet spurred the creation of nearly 10 grimacecoins on the Binance Smart Chain (BSC) network alone
  • Anyone can call a smart contract and issue tokens on BSC (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after. The premise doesn’t matter: if there’s money to be made peddling trendy topics, expect a market for it somewhere in niche shitcoin circles.
  • One such grimacecoin token started trading at $0.0007 and reached $2 at its peak in Asia morning hours before tumbling down to the $0.60 level.
  • Several grimacecoins were created after a McDonald's tweet on Wednesday. (PooCoin)
  • That token reached a market capitalization of nearly $2 million at peak prices. It’s worth $800,000 at press time and has 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.
  • Another grimacecoin – with a supply of 1 trillion tokens – reached a $1 million marketcap in Asia morning hours as prices jumped to $0.00000193 from a tiny fraction of a penny just hours earlier. This grimacecoin locked up $104,000 in liquidity at the time of writing, with 75% of that held by one address.
  • Grimacecoins weren’t limited to the BSC network. An Ethereum-based grimacecoin surged 56,000% in the hours after its issuance, reached 1,000 holders, and a $6 million market capitalization, with developers positioning it as the “first” one on the Ethereum network.

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