McDonald’s tweet spurs GrimaceCoin creation

What started as simple banter on Twitter has led to the creation of a memecoin named GrimaceCoin.

Elon Musk had tweeted to McDonalds saying he would eat a happy meal on live television if the restaurant enabled Dogecoin as a payment option.

The response from McDonalds was a joke in which they claimed they would only accept GrimaceCoin.

Now from the Twitter exchange an unknown group has created GrimaceCoin. The token has an unknown team and no real utility but exploded in value once created thanks to McDonald’s comment.

In the first day GrimaceCoin rose 42,000% before crashing back down and fading back to nothing.

The team behind GrimaceCoin was not ready to give up. Recently on Twitter the team posted a video of a group of people handing out boxes of McDonalds food to random people on the street.

The team claims the food was purchased from the profits made from GrimaceCoin and tagged McDonalds to accept their token in restaurants.

The publicity stunt did not affect the price but caused more duplicate tokens to appear. The cryptocurrency communities on Twitter and Reddit all agree that this project is likely a scam. The lack of team background and product does not give hope to potential investors.

There is very little hope that McDonalds will accept the memecoin in their restaurants. The restaurant has been pushed many times to accept cryptocurrencies but has not made any effort to do so. If the restaurant chain did begin to accept digital currencies it would likely be Bitcoin or Ethereum.

Regardless of the reality of GrimaceCoin there is already a community being formed around the token. Users on Twitter are showing their support for the coin with usernames like “Grimace to the top”. This is likely from those who lost quite a lot in the project and hope it recovers.

To create a token based on a joke Tweet is exactly the type of behavior expected from memecoin traders. When viral jokes are made, they can quickly turn into alternate coins which are usually scams but a few lucky trades make profits.

These actions show the immaturity of the market and the propensity of traders to speculate on untrustworthy projects.

A lucky few people did manage to make good money from GrimaceCoin while most of the traders lost. It would be a true miracle if GrimaceCoin does find adoption and grows into something significant.

In the end, the real winners are those who got the free McDonalds food.

Source

Updated: 02/11/2022 — 08:00