4:08 AM UTC
Yesterday we saw another antic of Elon Musk, the billionaire who has been known for his takes on the crypto market. He has been an avid supporter of Dogecoin which he has shown now and then through his tweets regarding the coin and even allowing Tesla to accept Dogecoin as a form of payment for buying merchandise with McDonald’s replying about Grimace Coin.
Yesterday Elon Tweeting about eating a happy meal live if McDonald accepts Dogecoin as a payment method. Of course, we saw a sudden increase in the price of Dogecoin, and a fast wick upwards was seen in the price. The price jumped from $0.14 to $0.15 within moments. Eventually, the movement dialed down. Now we would have expected the joke to end here until McDonald’s themselves tweeted back “only if @tesla accepts grimacecoin”.
What was funny is that no grimace coin existed. Opportunistic saw this as a moment and quickly resorted to computers and quickly created new coins on the BSC network. With the availability of DEX, anyone can create a token and launch it on the platform at that very moment. Liquidity was provided and we saw many new grimace coins in the existence.
One such coin was created on the BSC network that launched at the price of $0.0007 and the price went up to $2 during Asian Hours. Afterward, it dropped down to the price o $0.60. The token had reached the market capital of $2 Million. This was a jump of about 285,000 times.
Another Grimace token on Ethereum was also created that had jumped 56,000% since its launch. Not all of them were successful as well. There is one that only had a market capitalization of about $1400. The Crypto market is filled with serious developers and people who work hard for the success of the market. At the same time, we have seen developers create shitcoins purely based on community and hype regarding a certain word. This isn’t the first time, that something like this has happened, back in December, US Representative joked about a mongoose coin in a hearing and ultimately we saw many new mongoose coins that sprung up. Most successful of this jumped to a market cap of tens of millions. Even though the price has dropped more than 90%. These dog coins, meme coins have billions of dollars poured in, purely based on speculations.