What moves the price of cryptocurrencies the most? A tweet by Elon Musk. And while the Tesla CEO has the ability to influence prices of cryptocurrencies by merely tweeting about them, this time his tweet did something different by giving rise to another currency, which people are actually buying. Musk tweeted earlier this week that if McDonald’s starts accepting Dogecoin as payment, he will happily consume their Happy Meal. McDonald’s responded after a few hours by saying that they were ready to accept Dogecoin if Tesla began accepting ‘Grimacecoin,’ a fictitious currency based on a purple blob like character that appears in McDonald’s ads.
Although this fun banter between Musk and McDonald’s was meant to be a joke, it soon generated a “Grimace Coin” cryptocurrency that soon found buyers. According to a report by Fortune, at least ten “Grimace Coins” appeared on the Binance Smart Chain Network almost immediately. Within 24 hours of McDonald’s tweet, one of these coins, dubbed “Grimace Coin,” even had a professional-looking website with the price of Grimace Coin soaring by 6000 per cent. However, the American fast food company has told Forbes that they had no affiliation with the anonymously created currency.
Although the “meme coin” has a Twitter page with over a thousand followers, many internet users believe “Grimace Coin” is a hoax.
McDonald’s had earlier taken a dig at crypto investors who were struggling following the recent market falls through a tweet that read, “How are you doing people who run crypto Twitter accounts?”
how are you doing people who run crypto twitter accounts— McDonald’s (@McDonalds) January 24, 2022
Many cryptocurrency investors responded to this tweet with intentionally manipulated photos of themselves working at McDonald’s after losing their entire investment. El Salvador’s President, Nayib Bukele, also posted a modified photo of himself wearing a McDonald’s cap. El Salvador last year became the first country to accept bitcoin as legal tender. Companies that facilitate crypto trading, such as CoinMarketCap and Binance, have also replied to McDonald’s post.
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