GRIMACE Coin Rises Sharply Following McDonald’s Instagram Incident 🍔
A notable event occurred when hackers gained access to the official Instagram account of McDonald’s and utilized the platform to promote the GRIMACE token. These hackers disseminated false information, claiming that McDonald’s had released the GRIMACE memecoin on the Solana blockchain.
The result was a swift influx of investors into the GRIMACE token, leading to an exponential increase in its market capitalization. In just 30 minutes, the market cap surged from $500,000 to a significant $25 million.
- The token’s value spiked by nearly 400%, soaring from an initial price of $0.0005110 to $0.02500 at its peak.
- Following this surge, the anonymous creators of GRIMACE executed a rug pull, abandoning the project and making off with more than $700,000 of investors’ funds.
- In a bold move, the hackers left a message on McDonald’s Instagram bio expressing gratitude for the $700,000 in Solana.
Solana Market Analysis 📈
Conversely, the price of Solana has exhibited relative stability since Monday, trading within a newly established range of $138 to $142. This follows a recovery from a decline earlier in the month that saw the price drop to $109, marking the lowest point since March.
Despite Bitcoin and Ethereum witnessing significant increases of nearly 3% and 2% respectively, Solana (SOL) has experienced minimal movement in the past 24 hours, registering a slight 0.9% decrease. This lack of price volatility indicates subdued demand for the cryptocurrency, with trading volume dropping by 14% to $2.2 million in the last 48 hours based on data from CoinGecko.
- Investors are particularly concerned about Solana’s failure to surpass critical technical indicators, such as the 50-day and 200-day exponential moving averages (EMAs) positioned at $143 and $151, respectively.
- Overcoming these levels is essential for sustained price recovery and establishing solid support levels to weather potential market corrections.
- Following the cryptocurrency market crash on August 5, SOL found substantial support at the $129 level, serving as a crucial defense in the short term.
Hot Take 🔥
In a surprising turn of events, GRIMACE coin experienced a rapid surge in value due to a hack on McDonald’s Instagram account. However, this excitement was short-lived as the rug pull orchestrated by the coin’s developers resulted in significant losses for investors. On the other hand, Solana’s price has shown stability despite minimal movement, with investors keeping a close eye on key technical indicators for potential price recovery and support levels in the future.
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