Immediately after the tweet, tens of cryptocurrencies started trading under the name Grimacecoin and their prices on various blockchains also skyrocketed. Dex Screener, a tool that monitors token activity on various decentralized exchanges, has revealed that a few different variants of this token are being traded. These networks include Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom.
The biggest gainer of this batch was the Grimacecoin trading version on BSC’s PancakeSwap, which rose by 285,000 percent in its first 24 hours, before slowing down somewhat.
Hours later, people from all over the world flocked to the cryptocurrency marketplace to create fake Grimace tokens. It is worth noting that there was no Grimace coin in the crypto world at the time of the tweet. McDonald’s pitched the idea as a joke, but some saw it as an opportunity and started making counterfeit coins with that name.
According to Coindesk, one of these newly created tokens started trading at $0.0007 (about Rs.0.05) and reached its high of $2 (about Rs.150) before falling back to 60 cents. Its market value has increased to about $ 2 million (about Rs 15 crore). another one grimascoin Growing 56,000 percent to reach 1,000 holders and a market cap of $6 million (approximately Rs 45 crore).
Many such coin scams have been proven in the past, and have stolen crores of rupees from lakhs of holders. A great example of this is the so-called Squidgame Cash, whose keytors ran away from investors last year with $2.5 million (about Rs 19 crore) worth of Binance Coin tokens.
<!–
–>
,