- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum weak open interest signals consolidation, ETH stays within sight of $2,600
Ethereum is down nearly 1% on Tuesday as its weak open interest indicates that prices will likely remain range-bound in the coming days. The choppy price action coincides with ETH ETFs recording a third consecutive day of negative flows.
BRETT, FLOKI, WIF lead meme coin recovery
BRETT jumped by more than 30% briefly after Binance Futures listing. FLOKI posted over 10% gains after an announcement that holders will receive CAT meme token airdrop. WIF and other top meme coins trade in the green as the meme market looks set to stage a recovery.
Bitcoin stays below $60K despite increased transfer volume and institutional adoption
Bitcoin is up nearly 1% on Tuesday as CryptoQuant data shows buyers have been absorbing panic selling pressure since the recent market crash. This is also evidenced in Bitwise's report, which reveals that institutional investors are still buying Bitcoin despite the recent price decline.
XRP climbs above $0.60, Ripple declares successful XRP Ledger testnet reset
Ripple announced the rest of its XRP Ledger blockchain. The XRP Ledger is a decentralized public blockchain that allows for the transfer of native token XRP, fiat and other digital assets. XRP Ledger testnet has been reset, this improvement boosts efficiency and reduces the cost of running a node.
Bitcoin: Signs of weakness persist
Bitcoin (BTC) trades above $58,000 on Friday after after testing and failing to overcome the resistance level around $62,000 earlier in the week. The risk-on mood returned to markets this week, Marathon Digital added 4,141 BTC worth $249 million to its holdings and the US SEC approved a MicroStrategy leveraged ETF, potentially giving investors more exposure to Bitcoin.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.