McDonald’s Instagram account was hacked on Wednesday for promoting GRIMACE, a Solana-based memecoin.
McDonald’s Instagram account with 5.1 million followers briefly introduced a memecoin codenamed GRIMACE. The Solana-based memecoin quickly reached a market value of approximately $20 million.
However, this rise soon turned into a decline. According to Pump.fun data, GRIMACE’s market value fell below $500,000.
A post on McDonald’s Instagram account promoting GRIMACE was quickly deleted, but one post called GRIMACE “McDonald’s experiment on Solana.”
“We have remediated the issues with these accounts and apologize to our fans for any hurtful comments that were shared during this time,” McDonald’s said in a statement.
The Memecoin craze continues
Pump.fun, a Solana-based platform launched in January, allows users to create their own memecoins more easily and at lower cost.
According to Dune Analytics data, Pump.fun has been used to produce more than 1.8 million tokens to date.
The Solana-based memecoin market has seen significant volatility in August. According to CoinShares, Solana saw record weekly outflows last week, which was explained by a decrease in memecoin trading.
A few days ago, it was reported that Pump.Fun’s total revenue was on the verge of surpassing $100 million, revealing the magnitude of the memecoin craze.