This Coin Jumped 285,000% As A Result Of The Elon Musk vs McDonald’s Dialogue!

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  • McDonald’s has been criticized by Dogecoin supporters for their flimsy response to Elon Musk’s offer. A coin that McDonald’s mentioned in its reply tweet has experienced an incredible, but temporary rise.

A token created after McDonald’s joke tweet rose 285,641 percent as proof of how opportunistic people can make money even in a stagnant crypto market.

McDonald’s said on Wednesday morning that it would accept Dogecoin “only if Tesla accepts grimacecoin”. This tweet came in response to Tesla CEO Elon Musk’s tweet on Tuesday, “If McDonald’s accepts Dogecoin, I’ll have a happy meal in front of the TV.”

The name of the cryptocurrency created was inspired by the Grimace, a purple anthropomorphic creature that began appearing in McDonald’s advertisements in the early 1970s. Originally, this creature was supposed to be a four-armed, average-looking character who would steal kids’ milkshakes. But McDonald’s chief creative officer Roy Bergold told QSR Magazine that “Bad Grimace” failed because it was too scary for kids.

Just minutes after McDonald’s tweet, someone created a real token called “Grimacecoin” on Binance Smart Chain, and the cryptocurrency grew more than 285,641 percent in hours before losing the vast majority of its profits, giving many investors a profit.

While McDonald’s has yet to evolve into a crypto token company, Wednesday’s tweet led to the creation of around 10 grimacecoins on the Binance Smart Chain (BSC) network alone.

Anyone can call a smart contract, issue tokens on the BSC (or other blockchains) for a few cents, and the existence of decentralized exchanges means these tokens can be issued instantly, provided with liquidity, and traded shortly. If there is money to be made by marketing trendy topics in the market, it is inevitable to face a market full of useless cryptocurrencies.

One of these grimacecoin tokens started trading at $0.0007 and peaked at $2 in Asian morning hours before losing its gains.

The popularity of Binance Smart Chain skyrocketed earlier this year due to its low fees. Due to the low barrier to entry, the smart contract blockchain has also become a breeding ground for token scams, so investors need to be careful.

A missed opportunity

This poor response was widely criticized by the Dogecoin community. Many pointed out that it took more than ten hours for the company’s marketing team to make such an offer.

Dogecoin co-founder Billy Markus said the Grimacecoin tweet is a perfect example of how something funny can be removed from being funny.

Glauber Contessoto, who self-proclaimed a “Dogecoin millionaire” and made headlines last year, tweeted that the world’s largest fast-food chain had “missed an incredible opportunity for a terrible joke.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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