Elon Musk and McDonald’s made a clear joke on Twitter, resulting in these meme coins. Many people are worried that a wave of meme currencies could result in large cryptocurrency frauds. In the cryptocurrency industry, meme coins are hardly uncommon.
Since the beginning, there have been many different editions. Some of them have since gained widespread adoption in the cryptocurrency world. The majority of the others, on the other hand, have vanished almost as fast as they appeared.
Meme coins are cryptocurrencies based on online jokes and memes. They began as a joke in 2013 and have since gained traction in the general public’s consciousness. Dogecoin has to be the most well-known meme coin. Tesla now accepts Dogecoin for a variety of accessories and collectables. Mongoose coin is a far more current example of a meme coin. Last month, a US politician made a joke about it, prompting the creation of this meme coin.
According to Benzinga, a lot of meme coins based on the name and picture of Grimace have appeared over the last few days. McDonald’s uses the purple blob figure Grimace in their advertising and marketing. The value of major cryptocurrencies continues to decline. There are reportedly millions of dollars worth of Grimace coins on the market.
The saga began earlier this week. Elon Musk tweeted that if McDonald’s accepts Dogecoin as payment, he would eat a happy meal on TV. Shortly afterwards, McDonald’s responded, stating it would accept Musk’s offer if Tesla agreed to accept the Grimace coin. The Grimace currency did not exist at the time of the tweet.
What is Grimace Coin?
While their conversation didn’t go any farther, the latter’s remark resulted in several Grimace coins. There are already “more than a dozen” Grimace coins. Furthermore, many of them are increasing at a rapid rate, causing some people to warn others about potential cryptocurrency scams. Some of the Grimace coins have reportedly passed one million dollars in market capitalization. Since its introduction at $0.00396116, one of the Grimace coins on the Ethereum blockchain has supposedly increased by more than 56,000%.
While some members of the meme coin society are happy about the new development, others are urging caution. This is due to previous scams involving meme coins. The so-called Squid Coin, which was emptied out last year, was one of the most famous cases of meme coin fraud. The founders of Squid Coin are accused of fleeing with $2.5 million in Binance coin tokens.
The coin, which was based on the famous Netflix program Squid Game, had seen a 300,000 percent increase in value since its launch. However, in less than 15 minutes, the whole market capitalization of the coin had been emptied. Thus the present Grimace coin warnings from several people within the cryptocurrency community.
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