A token created after a McDonald’s response to Elon Musk proposal to eat a happy meal on TV if the retail restaurant giant accepted Dogecoin as a means of payment, surged as much as 285,614% in a few hours as opportunistic actors jumped at the chance to make cash in what many are calling a bear crypto market.
McDonald’s responded to Elon Musk’s tweet asking one of America’s oldest retail giants to accept dogecoin as a means of payment and in turn, he will eat McDonald’s bestselling meal combo, the happy meal, on TV. They responded stating, “Only if Tesla accepts grimacecoin,” referencing the company’s purple mascot named after a tastebud.
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.
Read: Billionaire, Elon Musk promises to eat happy meal on TV if McDonald’s accepts Dogecoin
What You Should Know
Anyone can call a smart contract and issue tokens on any blockchain for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after.
One such grimacecoin token started trading at $0.0007 and reached $2 at its peak in Asia morning hours before tumbling down to the $0.60 level. This represents a 285,614% rally in the token in less than 24 hours of its creation.
That token reached a market capitalization of nearly $2 million at its peak price. However, this has retraced as it is now worth around $800,000 as of the time of this writing and has over $65,000 in a liquidity pool created and supplied by users. Blockchain data, however, shows 93% of these tokens are owned by a single entity.
Read: World’s richest billionaire, Elon Musk, lost nearly $50 billion in barely 3 weeks
Another grimacecoin on the BSC with a supply of 1 trillion tokens, reached a market capitalization of $1 million in the Asian trading session as prices jumped to $0.00000193 from a tiny fraction of a penny just hours earlier. This grimacecoin locked up $104,000 in liquidity at the time of writing, with 75% of that held by one address.
An Ethereum-based grimacecoin surged 56,000% in the hours after its issuance, reached 1,000 holders, and a $6 million market capitalization, with developers positioning it as the “first” one on the Ethereum network.
Conclusion
The crypto market is home to both legitimate and meme tokens and projects alike. Serious investors and developers build financial services based on smart contracts to allow global users to trade, lend assets, take out loans, and investors in a permissionless setting instead of relying on third parties to access financial services. Then there are the meme artists who create meme coins and command billions of dollars. In market capitalization, data shows, each iteration is savvier than the rest.
Grimacecoin isn’t the only instance of crypto hopefuls creating a shitcoin market. In December 2021, Brad Sherman, a member of the U.S. House of Representatives, joked about a “mongoose coin” in a hearing about cryptocurrencies, spurring the issuance of hundreds of mongoosecoins in the hours afterwards.
