A mock cryptocurrency coin created on Tuesday shot up over 285,000% after an exchange of tweets between McDonald’s (MCD) and multi-billionaire Elon Musk.
Early Tuesday morning, in an attempt to get McDonald’s on board with Dogecoin payments, Elon Musk said in a tweet to McDonald’s that he would eat a Happy Meal on live TV if the burger chain would accept the coin for payment at its restaurants.
I will eat a happy meal on tv if @McDonalds accepts Dogecoin
— Elon Musk (@elonmusk) January 25, 2022
While his legion of 71.6 million fans applauded the idea, McDonald’s was silent on the proposition until mid-evening Tuesday, when it jokingly replied back to Musk, “Only if Tesla accepts gimacecoin,” referencing its Grimace mascot that is modeled after a tastebud.
— McDonald's (@McDonalds) January 25, 2022
While McDonald’s doesn’t currently accept any cryptocurrency for payment at its restaurants, Tesla does accept Dogecoin for payment of certain merchandise.
The tweet by McDonald’s caused at least 10 grimacecoins to be created on the Binance Smart Chain network, where anyone can start a smart contract and issue tokens for just a few cents to be traded at a moment’s notice, according to Coindesk.
Upon the creation of the grimacecoin, the currency began trading at $0007, before spiking to $2 in the Asia morning markets, Coindesk reported. Another grimacecoin was trading at only $0.00000193, also in the Asia morning hours, Coindesk said.
This is not the first time that a tweet from Musk has caused a stir and sparked new cryptocurrencies. In October, the Tesla CEO announced that he had gotten a Shiba Inu puppy and named it Floki. A number of Floki-inspired currencies were created as a result.
As of Wednesday premarket hours, shares of McDonald’s were trading at $252.25, up $1.57, or 0.63%.
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