After Twitter interaction between Elon Musk, McDonald’s, rise of new crypto ‘Grimace Coin’

McDonald’s has cleared that it is not affiliated with any Grimace Coin currency.

Elon Musk is known for moving the prices of cryptocurrencies just by tweeting about them. Now, the Tesla CEO has managed to do something different.

Earlier this week, Musk tweeted he will happily eat McDonald’s Happy Meal if the fast-food company starts accepting Dogecoin as payment. In response, McDonald’s posted on Twitter it will accept Dogecoin if Tesla started taking “Grimace Coin”. “Grimace Coin” is not a real cryptocurrency but a made-up name based on Grimace, a character that was featured in McDonald commercials.

But, this harmless and fun exchange soon gave birth to a fake “Grimace Coin” cryptocurrency that soon found buyers. According to BeInCrypto, “A token called Grimace Coin was quickly created on the Binance Smart Chain, with its price soaring 6,000% in just a few hours after interactions between Musk and the fast-food chain on Twitter.”

The American fast-food company has clarified the anonymously created cryptocurrency is not related to McDonald’s. The “meme coin” also has a Twitter page with more than a thousand followers but many netizens believe that “Grimace Coin” is a scam.

Earlier in the week, McDonald’s tweeted, “How are you doing people who run crypto Twitter accounts”, in an apparent dig at crypto investors who were struggling after the currency saw sustained market crashes in recent days. Many people who invested in cryptocurrencies responded to this tweet with their purposefully edited photographs showing them working at McDonald’s after they lose all their savings.

Nayib Bukele, the President of El Salvador which became the first country last year to accept bitcoin as legal tender, also tweeted an edited photo that shows him wearing a McDonald’s cap. Companies like CoinMarketCap and Binance that aid crypto trade have also responded to the McDonald’s tweet.