Billionaire business man Elon Musk has riled up the crypto industry once more as his seemingly harmless repartee with McDonalds has resulted in the sudden rise of a previously unknown and obscure cryptocurrency token.
This development emerged as the billionaire CEO tweeted on his Twitter page on January 25 that he would eat a ‘Happy Meal’ should McDonald launch a payment gateway that will leverage Dogecoin (DOGE) utility.
How It Went Down
Elon Musk is notorious for his deep-rooted influence in the crypto industry, whose whims can determine the success or failure of a crypto project as seen in the case of DOGE in 2021. Moreover, mainstream media also reported the spike in price value of the GRAPE crypto token with the billionaire’s mere mention of a grape that was featured in a google search.
Shortly after Musk’s tweet about a ‘Happy Meal’, Dogecoin promptly replied to the tweet with a meme of the cryptocurrency (DOGE) featuring other snacks, including a McDonalds delivery packet. Other crypto proponents voiced their support for the possible venture, even including McDonald’s number one rival globally, Burger King who replied via a tweet in the comment section that ‘only a king knows what da coin do’.
Finally, McDonalds replied to Musk’s tweet with a quip of their own, telling the billionaire that it would agree with the proposal featured in the tweet should Musk’s TESLA accept the GrimaceCoin as a payment option for its merchandise.
Elon Musk Breathes Life Into GrimaceCoin
McDonalds’ comments for all intent was just a joke and nothing more, the fast-food company was only trying to hint that it would launch a meme coin down the line. Interestingly, however, an anonymous group speedily developed a token named GrimaceCoin on the Binance Smart Chain, featuring an over 6000% price increase in the span of a few hours after Musk and McDonald’s repartee on Twitter.
The GrimaceCoin crypto token is in no way related to McDonalds or Tesla, it is an entirely new concept with its creator’s identity currently unknown. Skeptics in the community are however accusing the creators of being scammers, questioning the validity and the strength of the crypto project. Moreover, transactions done with the token attract a levied tax at a 10% rate, a ridiculously high rate that breeds suspicion in the market.
In just over 24 hours, GrimaceCoin’s official Twitter account that came up shortly after the Musk- McDonalds spat reported a GrimaceCoin trade volume of over $2.1 million via a tweet. Leveraging the increasing popularity that the token’s success afforded, the project’s publicity team has started a publicity campaign and awareness rally as it rapidly churned out tweets detailing plans for growth on Twitter.
McDonalds Crypto Relevance
The international food chain and the crypto industry are no strangers to each other. January 25th’s tweet exchange with Elon Musk isn’t the company’s first appearance in the crypto space.
The fallout from the crypto market’s recent crash has resulted in many crypto investors and community members featuring the food company as a means of comic relief. Jokes about working at McDonald’s many outlets to recover the loss that the market sell-off caused started flying around in social media
McDonalds official Twitter account joined in the fun as it tweeted asking how community members were fairing in the crypto market space on January 24 when number one coin Bitcoin fell by over 19% leading other altcoins down the trench.
Several industry giants and prominent names in the community like Binance, CoinMarketCap, and Michael Saylor also tagged the McDonald’s account as they posted different memes depicting the company in different scenarios.