Digital currency up 285,000% after the joke
Some cryptocurrencies under the name "Grimacecoin" suddenly surged in price after a joke between Elon Musk and McDonald's.
Before the exchange between McDonald's and Elon Musk, the cryptocurrency market did not have a token called Grimacecoin. The saying of McDonald's is also just joking with the American billionaire. However, a series of digital coins with similar names to Grimacecoin "sprung up like mushrooms" after that.
According to CoinDesk, Grimace, listed on the PancakeSwap decentralized exchange of Binance Smart Chain (BSC), skyrocketed 285.641% in its first 24 hours of existence. The coin started trading at $0.0007 on January 26, then rose to $2. Grimace is now down to 0.6 USD per coin, but the market capitalization is still more than 2 million USD.
Another coin, Grimace Coin, also increased by 56,000%, from 0.0001 to 0.0056 USD after one day, and is currently at 0.004 USD per coin.