The Twitter exchange between Tesla's Elon Musk and McDonald's has helped in the creation of a new cryptocurrency, Grimace Coin, which is up by 20,000% in less than 24 hours.
While McDonald's is yet to foray into cryptocurrency, its tweet urging Tesla to accept Grimace Coin has given birth to ten crypto tokens on the Binance Smart Chain.
The Twitter exchange between Musk and McDonald's helped accelerate Grimace Coin. Its market cap rose to nearly $7 million in less than 24 hours.
Grimace Coin Launches After McDonald's Tweet
Musk on Tuesday engaged in a hearty Twitter exchange with fast-food chain McDonalds, requesting them to accept Dogecoin for payments. Musk further stated that he would eat a McDonald's Happy Meal on TV if they agree to accept Dogecoin.
In response to this, McDonald tweeted that they would agree to Musk's requests if Tesla accepts Grimace Coin.
The following Twitter exchange sparked a flurry of transactions, bringing Grimace Coin into the spotlight by impacting its prices. The new cryptocurrency recorded a spike in its prices and is up by a whopping 20,000% in the last 24 hours.
Grimace is a part of McDonald's marketing campaign and is often depicted as a purple character in McDonald's commercials. The fast-food chain is yet to venture into crypto but its tweet about urging Tesla to accept grimace coin as a joke has spurred anonymous users to create nearly ten Grimace Coins crypto tokens.
Moreover, Musk's Tweet urging McDonald's to support Dogecoin also affected its pricing significantly. Dogecoin jumped 8% when the tweet went viral, although it has since dropped to $0.1409.
In the meanwhile, the cryptocurrency born out of a joke has attracted interesting Twitter responses. NZXT, a leading gaming hardware manufacturer company tweeted that they would like to mint the following Twitter exchange into NFTs.
Billy Markus, the creator of Dogecoin, however, also responded to the tweet, raising concerns over how it will affect the credibility of Dogecoin and cryptocurrency in general by appealing to certain groups in the community.