Individuals and businesses have jumped at the opportunity to make quick money in a tepid crypto market after a token rode high as much as 285,641% following McDonald’s joke tweet. The fast-food chain tweeted if only Tesla accepts grimacecoin. It was referring to McDonald’s purple mascot. The tweet was a reply to Elon Musk’s post that said “I will eat a happy meal on TV if McDonald’s accepts Dogecoin”.
Soon after, the word was in the market that nearly 10 grimacecoins have been created on the Binance Smart Chain (BSC) network. It should be noted that anyone can create a smart contract and start giving out tokens on the BSC and other blockchains. Analysts say decentralized exchanges issue and supply the tokens, with liquidity and it gets traded soon after.
Money can easily be made out of trendy and catchy topics, whether it be for serious business purposes or a mere joke! It has come to light that a grimacecoin initially began trading at $0.0007, and within a couple of hours it reached $2 in Asia morning hours. But soon after it plunged to $0.60.
Reports state that the token nearly reached a market capitalization of $2 million at peak prices. 93% of these tokens, as per Blockchain data, are owned by a single entity. A similar grimacecoin reached around $1 million market cap. Prices jumped to $0.00000193 from just a tiny fraction of a penny. It locked up $104,000 in liquidity; 75% of the tokens were held by one address.
Analysts believe successes were not shared by all grimacecoins. One such token, exhibited on BSC, failed to gain investors. Experts say the crypto market is full of legitimacy and memes. There is something for everyone from serious investors, corporates to the common man and to those looking for fun.