GRIMACE meme coin suffers rug pull after promotion on hacked McDonald's Instagram account
|- McDonald's Instagram page was allegedly hacked after it began promoting a Solana meme coin based on its Grimace character.
- The supposed GRIMACE meme coin was rug-pulled hours after it hit a $20 million market cap.
- Tron meme coin generator SunPump has raised a lot of attention as certain meme coins began to rally.
McDonald's Instagram account suffered a hack on Wednesday after it promoted a Solana-based meme coin named after GRIMACE, one of its packaging characters. Following the hack, insider holders began to dump their tokens, driving the token's market cap from $20 million to $599K.
Crypto community reacts as GRIMACE token holders dump following McDonald's hack
Popular food restaurant McDonald's appears to have been the victim of a hack after its Instagram page began promoting a Solana-based meme coin earlier today. A series of posts on its page caused the meme coin called GRIMACE to climb to a $20 million market cap in just a few hours.
Following the hike in its market cap, the token suffered a rug pull after its major holders began to dump their holdings. Its market cap is currently down to under $600,000, according to Pump.fun data.
The alleged hackers named the token after Grimace, one of McDonald's fictional characters used in its ads. This move misled investors who must have bought the token following the Instagram hack. Following the rug pull, all the posts made to promote the token were taken down, including one that allegedly stated, "Thank you for the $700,000 in Solana."
The event is an example of why investors need to tread with caution when investing in newly launched meme tokens, as many of these highly volatile assets are liable to be scams.
Meanwhile, the newly launched Pump.fun competition SunPump on the Tron network has begun to garner massive attention, posing as the new meme coin launchpad replacement for the Solana meme coin generator.
SunPump, which was launched just 11 days ago, has generated over $1 million in revenue already. Additionally, SunDog, a recent meme coin launched on the platform, surged over 25% before declining 10%, according to CoinGecko data.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.