According to CoinDesk data, a cryptocurrency rose 285,641% in the hours following a tweet from McDonald's. CoinDesk revealed that 10 copies of grimacecoin have started trading on the Binance smart chain.
However, the currency is worthless, and without a clear project. Also, Elon Musk's tweets of this type and the market's interaction with them in this way, continues to degrade the value of cryptocurrencies that cannot be considered a real project with such interaction.
This currency is definitely not the best place for a successful long-term investment.
The spike occurred after Musk wrote that he would like to pay at McDonald's with DOGE/USD, the McDonald's account quipped: "If only Tesla would accept payment in grimacecoin."
The grimace is a purple short-armed toy from the world of McDonald's.
Submerged Coin Rise 400,000% in Hours
In a comment from Quinn Desk on the incident, he wrote:
Lessons learned from this incident:
1- If you are a company, and you tweet about a fake coin, expect to find it trading on DEX within an hour.
2- If you like trading meme coins, you should beware of fake coins, which will rise strongly and then collapse after Musk’s tweets, so if he tweets again, beware of rushing.
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