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Fake Grimacecoin jumps 285,000% after McDonald’s jokes with Elon Musk

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By Imogen Smith
January 28, 2022 0

The ‘Elon Effect‘ strikes again: this time Twitter saw fast food giant, McDonald’s, respond to a post made by Tesla CEO Elon Musk, prepositioning the car company to accept the made up ‘Grimacecoin’ as a form of payment. Soon after, crypto opportunists created a coin fashioned after the purple taste-bud mascot and within hours the coin’s value surged by 285,641 per cent.

Earlier this week Musk tweeted “I will eat a happy meal on TV if McDonald’s accepts dogecoin,” to which the fast food chain responded, “Only if Tesla accepts Grimacecoin.”

While McDonald’s has not shown any formal inclination to pivot towards creating crypto, the tweets spurred the creation of nearly ten Grimacecoin’s on the Binance Smart Chain network alone. One of the tokens began trading at $0.0007 and jumped up to $2 hours after the tweet was posted.

The Twitter exchange also prompted an eight per cent increase of Dogecoin’s value.

A Grimacecoin launched on the Ethereum blockchain posted about its dramatic increase of 56,000 per cent in the hours after creation. According to Coindesk, this particular coin reached 1,000 holders and amassed $6 million in market capitalisation.

https://twitter.com/grimacecoineth/status/1486155093615468545

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Imogen Smith

Imogen is a journalist for CryptoVista reporting on the complexities of the digital currency space and its latest news from around the world.

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