- Following McDonald’s tweet, a number of new GrimesCoins appeared in the cryptocurrency market.
- 1 coin increased by 285000% in 24 hours.
- Other coins range from $0.0007 (~Rs.0.05) to $2 (~Rs.150).
Tesla CEO and longtime Dogecoin supporter, Elon Musk, in a tweet on January 25, demanded the pay DOGE of McDonald’s. In response to the tweet, McDonald’s said that the company will change its payment system only when Tesla starts accepting a non-existent token called “GrimSecon”. McDonald’s response was clearly joking, but some developers took the opportunity to create a cryptocurrency based on McDonald’s grimace.
Immediately after the tweet, dozens of cryptocurrencies started trading under the name Grimcoins, and prices on various blockchains soared. Dex Screener, a tool that monitors token activity on various decentralized exchanges, revealed that several different forms of tokens are being traded. These networks include Binance Smart Chain (BSC),Ethereum, Avalanche, Polygon and Phantom.
Crypto Grimacecoin tokens made from this McDonald’s joke
— McDonald’s (@McDonalds) January 25, 2022
The biggest winner of this batch was BSC’s version of Grimescoin traded on PancakeSwap, which rose 285,000% in the first 24 hours before slowing down.
A few hours later, people from all over the world gathered in the cryptocurrency market to create fake Grimes tokens. Notably, at the time of the tweet, there were no Grimace Coins in the crypto world. It was a joke that McDonald’s came up with the idea, but some saw it as an opportunity and started making fake money under that name.
According to Coindesk, one of the newly created tokens started trading at $0.0007 (approximately Rs 1 million). Its market capitalization has grown to around $2 million (about Rs 150 crore). Another Grimacoin rose 56,000% to reach 1,000 holders and reach a market cap of $6 million (~Rs 45 billion).
Many such coin scams have been proven in the past and have stolen billions of rupees from hundreds of thousands of holders. A good example is the so-called Squidgame Cash, which Kitter ran away from investors last year with $2.5 million (about Rs 19 million) worth of Binance Coin.