Elon Musk’s tweets related to crypto are really doing wonders to some new cryptos and even creating them!
Musk had tweeted, “I will eat a happy meal on tv if McDonald’s accepts Dogecoin,” urging Mcdonalds to accept Doge as payment. Right after the tweet, the dogecoin price surged as much as 8% to $0.1445, according to data from CoinMarketCap.
McDonald’s tweeted a response to the Tesla CEO and said it would only accept Dogecoin if “Tesla accepts grimacecoin.”
The message accompanied an image of a purple coin with Grimace’s face.
This tweet exchange between Musk and McDonald’s helped create a new cryptocurrency, Grimace Coin, which spurred as much 285,641% within hours.
The grimacecoin token began trading at $0.0007 and surpassed $2 before slipping to the $0.60 level.
Coindesk wrote, “That token reached a market capitalization of nearly $2 million at peak prices. It was worth $800,000 at press time and had over $65,000 in a liquidity pool created and supplied by users. Blockchain data, however, shows 93% of these tokens are owned by a single entity.”
Grimacecoins weren’t confined to the BSC network alone. An Ethereum-based grimacecoin spiked 56,000% immediately after its issuance. It had 1,000 holders and a $6 million market capitalization.