Key Takeaways :
- McDonald’s quipped that it would take dogecoin only if Tesla would accept its ‘grimacecoin.’
- In less than 24 hours after Mcdonald’s tweeted about GrimaceCoin, a coin with the same name jumped 285,000%.
Elon Musk, the billionaire, known for his views on the crypto market, had another outburst yesterday. He has been a vocal advocate of Dogecoin, as evidenced by his tweets on the coin and his decision to allow Tesla to take Dogecoin as a means of payment for retail purchases and his response to McDonald’s regarding Grimace Coin.
A cryptocurrency launched after a McDonald’s joke tweet surged as high as 285,641% in a few hours as opportunistic actors jumped at the chance to earn money in a lukewarm crypto market.
“Only if Tesla takes grimacecoin,” McDonald’s said on Wednesday morning, referring to its purple tastebud mascot. That statement came in reaction to Tesla CEO Elon Musk’s tweet on Tuesday, “If Mcdonald’s accepts Dogecoin, I’ll eat a happy meal on TV.”
Anyone may use a smart contract on BSC (or other blockchains) to produce tokens for a few pennies. The advent of decentralized exchanges means tokens can be created immediately, given liquidity, and traded swiftly. Whatever the concept, there will be a demand for it in specialized shitcoin circles if there is money to be made promoting popular themes.
The token had a market cap of nearly $2 million at its height. However, according to blockchain statistics, 93% of these tokens are owned by a single organization. In addition, grimacecoins were discovered in places other than the BSC network. Grimacecoin, an Ethereum-based coin, rose 56,000% in the hours after its launch, reaching 1,000 holders and a market cap of $6 million, with developers claiming it to be the “first” on the Ethereum network.
This isn’t the first time something similar has occurred; in December, a US Representative made a joke about a mongoose coin at a hearing, and as a result, many new mongoose coins have appeared. The most successful soared to tens of millions of dollars in market capitalization, despite the price plummeting by more than 90%. Billions of dollars have been poured into these puppy coins and meme currencies solely based on supposition.