There used to be a time when cryptocurrency world was still new and the hows and whys of crypto were still unknown to people. That is perhaps what led to only a few cryptos being sold around in the market.

However, as the sector keeps growing so does the knowledge around it and the people interested in making a quick buck out of it. Which in its stead has led to the creation of new cryptocurrencies becoming much easier than ever before.

Recently we’ve seen a lot of cryptocurrencies being made around trending things, extremely popular shows and movies, characters and many more things. The Squid Game cryptocurrency also came under the scanner not long back for turning out to be a huge scam. People had unknowingly bought into it thinking it was legit driving up its market value to extreme heights and one day the creators of the currency just shut it down, leading to a lot of people experiencing severe loss.

Something similar seems to be happening right now with this whole ‘GrimaceCoin’ cryptocurrency that was born out of a fun little exchange between Elon Musk and McDonald’s on Twitter.

What Is GrimaceCoin?

It all started when on 25th January Elon Musk tweeted:

To this McDonald’s official Twitter replied:

The term of the coin comes from the character of ‘Grimace’ in McDonald’s universe. The unknown species creature is of rotund shape with short arms and legs, purple in colour.

Read More: FlippED: Is It Okay To Capitalize On The LGBT Community For Crypto Culture?

It should be known that there was no GrimaceCoin at all created by McDonald’s in any official capacity and was probably a good-natured way of ribbing Musk and dismiss his comment of McDonald’s not accepting DOGE crypto.

However, that soon changed as pretty quickly afterward over a dozen GrimaceCoins popped up on the Binance Smart Chain (BSC) network, ready to be sold and exchanged.

In just a few days now the fake cryptocurrency has seen a jump of 285,000% in its market cap. The token had started trading at $0.0007 and as per CoinDesk had gotten to a value of $2 at its peak before again recently falling to $0.60.

Experts and analysts from the crypto world are discouraging people from buying into this token as it could very well be a scam and there is no official association of it with McDonald’s as a company.

They believe that it could be a ‘rug pull’ and that the tax of 10% at every transaction is already a big red flag.

McDonald’s for its part did clarify to Forbes that they have no connection with these currencies created anonymously.

Image Credits: Google Images

Sources: CoinMarketCap, Forbes, Business Insider India

Find the blogger: @chirali_08

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