NEWS

Grimace Coin - New Cryptocurrency !

Yashika Gupta

Jan 18,2024
2 min read
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824 Views

Tesla CEO and long-time Dogecoin supporter Elon Musk on January 25 twittered to McDonald's in an attempt to get the fast-food chain to accept DOGE as payment. To which McDonald's responded by saying that it would only make the change if Tesla also accepted a missing currency called “Grimace coin”. While McDonald's response was an egregious joke, opportunists snappily created a cryptocurrency grounded on a McDonald's Grimace, the grandiloquent blob character used by McDonald's for marketing and advertising with a flurry of fake Grimace-named coins too.

Shortly after the tweet, knockouts of cryptocurrencies trading under the name Grimace coin began appearing and surging in value fleetly on colorful blockchains. Dex Screener, a tool that monitors token exertion on different decentralized exchanges, revealed that some variety of this commemorative was trading. These networks included Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom.

The biggest killer of this batch was the Grimace coin on BSC's Pancake Swap, which jumped by a whopping percent over its first 24 hours of actuality, before kindly decelerating down.

Hours latterly, people from each across the globe crowded to produce fake Grimace commemoratives on the cryptocurrency business. It's worth noting that there was no Grimace Coin in the crypto world at the time of the tweet. McDonald's tried to promote the idea as a joke, but some saw an occasion and started making fake coins with that name.

One of these recently created commemoratives started trading at $0.0007 (roughly Rs.0.05) and reached $2 (roughly Rs.150) at its peak before tumbling to 60 cents, according to CoinDesk. Its request value rose to nearly $2 million (roughly Rs.15 crores). Another Grimace coin surged percent, reaching holders and a $6 million (roughly Rs. 45 crore) request value.

While numerous in the meme coin community are having a blast at the new turn of events, others are advising caution because of former meme coin-related swindles. One of the most notable cases of a meme coin turning sour was the so-called Squid game Cash, which wiped out last time after its authors allegedly ran down with $2.5 million (roughly Rs. 19 crores) worth of Binance coin commemoratives.

The coin was inspired by the hit Netflix show Squid Game and had soared over percent following its launch. Still, its entire request cap was wiped out in just 15 twinkles, leading to the current Grimace coin warnings from numerous within the cryptocurrency community.