McDonald’s Replies To Elon Musk, Resulting In A 6,000% Pump In Grimacecoin: Possible Scams

Elon Musk, aka the richest man in the world has received a prompt reply from McDonald’s on his jesting tweet from yesterday, where he offered a deal saying he’ll eat a happy meal on live tv as long as McDonald’s begins accepting Dogecoin in its chains. The tweet caused a 16% jump in the price of Dogecoin soon after.

McDonald’s created this digital token not long after its initial tweet, wherein they poked fun at crypto investors. The meme coin surged as much as 285,641% in a few hours as opportunistic actors jumped at the chance to make cash in a tepid crypto market.

McDonald’s Purple Mascot “Grimace”

Modeled after a taste bud, Grimace is the purple blob character in McDonald’s advertisements. Although he first appeared as a villain stealing milkshakes in 1971, the so-called “Evil Grimace” has since calmed down. He dropped the criminal epithet from his name and turned him into Ronald McDonald’s dopey sidekick about a decade later.

According to Yahoo Finance, 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.

Shillings In The Name Of Grimace Are On The Rise

Forbes reports that, over the past day, around half-a-dozen meme coins hailing Grimace’s name and image were minted and subsequently shilled widely on social media, mostly on Twitter and Discord. Since Grimace coin curators – like most other cryptocurrencies – are anonymous and their coin lacks any intrinsic value, there’s a clear limit to the protective measures that one can take.

Cointelegraph noticed that the price of a Grimace cryptocurrency exploded not long after its launch, and was still up by 6,000% after going down about 30% from its peak. Amidst all this, several pointed out that this may be a rug pull. It’s worth bearing in mind that every transaction was taxed 10%, becoming a major red flag.

After the SQUID coin incident, this seems to be another case impelling users to beware in this inevitably shady-looking market, as something merely meant to provide a better digital record-keeping system doubles as an instrumental weapon for cybercriminals time and time again.

Click here to read ‘Blockscan Chat’ To Become Ethereum’s Instant Messenger: Etherscan.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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