The bull run may be over, but this bear market has already served up a few strange morsels.
On Tuesday, Tesla CEO and long-time Dogecoin fan Elon Musk tweeted at McDonald’s in an attempt to get the fast-food chain to accept DOGE as payment. McDonald’s responded by saying that it would only make the change if Tesla also accepted a then-non-existent currency called “Grimacecoin.”
Grimace is a “purple being of indeterminate species” who exists in McDonaldland, the fast-food chain’s cartoonish metaverse, according to internet fandom.
Shortly after the tweet, tens of cryptocurrencies trading under the name Grimacecoin began appearing (and mooning) on various blockchains.
Dex Screener, a tool that monitors token activity on different decentralized exchanges, revealed that some variety of this token was trading.
These networks included Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom.
The biggest gainer of this batch was the Grimacecoin on BSC’s PancakeSwap, which jumped by a whopping 120,000% over the past 24 hours.
It’s entirely unclear what the purpose of these coins is beyond simply grifting on social media activity between two large Twitter accounts.
McDonald’s and crypto
McDonald’s has been cued into cringe crypto moves for some time now.
Besides the latest Grimacecoin stunt, it also released an NFT for its legendary McRib sandwich back in October. If chosen for the stunt, “lucky” winners would enjoy a picture of the tantalizing snack as a digital image long after the restaurant chain stopped serving its limited-time-only product.
Elsewhere, other large brands are also busy square-pegging round holes.
Taco Bell, a similar fast-food restaurant that swaps buns for tacos shells, launched a collection of NFT-based digital tacos. Absurd? The collection quickly sold out.
Even amid the exchange between Musk and McDonald’s, Burger King tweeted “only a king knows what da coin do,” suggesting its social media manager may have been having a stroke.
Still, today’s launch of Grimacecoin is yet more evidence that no matter how dumb you think a certain coin might be, there’s a buyer out there somewhere.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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