Newsroom

Grimacecoin Cryptocurrency Rises After McDonald’s and Elon Musk Exchange Tweets

✖For decades, the iconography of McDonald’s has become part of our popular culture, with its mascots sparking everything from toys to science-fiction movies to countless pieces of merchandise. Apparently, the fast food tycoon is now headed into the word of cryptocurrency — after a bizarre series of events. On Tuesday, Tesla CEO Elon Musk tweeted that he would eat one of McDonald’s Happy Meals live on television if the company began to accept the cryptocurrency Dogecoin as a form of payment. The official McDonald’s Twitter account then tweeted it would do so if Tesla began to accept “Grimacecoin”, a hypothetical currency based on the McDonald’s mascot Grimace. only if @tesla accepts grimacecoin https://t.co/CQrmAFelHR pic.twitter.com/to9HmYJhej– McDonald’s (@McDonalds) January 25, 2022 This Twitter exchange then began to spin out into reality, with a fan-made “Grimacecoin” beginning to surge as much as 285,641%, according to a new report from CoinDesk. Multiple other incarnations of Grimacecoin have also begun to be traded, with reports indicating that it has more than 1,000 holders, with a diluted market cap of more than $2 million. The only caveat is that these Grimacecoins are not affiliated with McDonald’s in any official capacity, as the outlet confirmed to Fortune.This whole ordeal began from another association between McDonald’s and the world of cryptocurrency, as the prices of Bitcoin and cryptocurrency began to fall earlier this week. The patterns began to unintentionally create an “M” logo, which provoked jokes among the crypto community — both about comparisons to McDonald’s Golden Arches, and about how the low prices of cryptocurrency would ultimately lead to them getting jobs at McDonald’s. This then appears to have provoked Musk’s tweet, in a roundabout way.Over the years, the world of cryptocurrency has evolved to some fascinating and controversial extents, with even Dogecoin co-creator Jackson Palmer slamming how the fad has continued to grow.{replyCount}comments”The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive,” Palmer wrote back in 2021. “Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable. Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.”What do you think of Grimacecoin becoming a reality after McDonald’s and Elon Musk’s tweets? Share your thoughts with us in the comments below!
Read original article here.
Written by: Jenna Anderson