Exciting New Meme Coin Emerges and Takes Uniswap by Storm
A recently launched meme coin tied to the Genesis block has quickly risen to prominence on Uniswap’s trading platform on August 28.
- Data from DEX Screener reveals that the PHIL token was introduced today by a wallet that received funding from Ethereum’s Genesis block back in 2015.
- The token swiftly garnered attention on Uniswap V2, amassing a market capitalization exceeding $125 million shortly after its debut.
PHIL Token Makes Waves with Price Swings
After its unveiling, the PHIL token saw a surge in trading activity, becoming the most actively traded asset by volume. The token spiked to $0.12 initially before retracting to its current price of $0.067, driven by a flurry of transactions from both individual traders and significant holders.
Wallet Launches PHIL Token and Injects Liquidity
The wallet responsible for the token’s launch, initially backed by 2,000 ETH from the Genesis block, directed a substantial portion of its resources into the PHIL token’s liquidity pool.
McDonald’s Social Media Compromised in Meme Coin Scheme
McDonald’s official Instagram account fell victim to hackers promoting a Solana-based meme coin scam named “GRIMACE.” The scammers exploited the fast-food chain’s social media channels to push the fake token.
During the unauthorized control period, the hackers bragged about allegedly swindling $700,000 from users. A message believed to be from the scammers claimed users had been “rug pulled by India_X_Kr3w,” visible to McDonald’s 5.1 million followers.
“Rug pulls” involve fraudsters creating counterfeit tokens and promptly withdrawing funds, leaving investors with worthless holdings. The hackers utilized this deceitful tactic to pump and dump the GRIMACE token.
Market data from Pump.fun shows the GRIMACE token’s market cap briefly soared to $20 million within 30 minutes of the breach. However, once the hackers offloaded their assets, the market cap tumbled to less than $600,000.
McDonald’s swiftly repossessed control of its Instagram account, yet substantial financial losses ensued due to the deception.
Hot Take: Stay Alert in the Crypto Space 🚨
Always exercise caution and due diligence when navigating the crypto landscape. Be wary of sudden price fluctuations and potential scams that could jeopardize your investments.
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