Elon Musk told McDonald’s in a Tweet that he would eat a Happy Meal on TV if the fast-food giant would accept the cryptocurrency Dogecoin for payment. McDonald’s, however, had another idea — it said it would be on board if Tesla starts taking McDonald’s grimacecoin.
Dogecoin’s price surged over 7% to $0.14 after Musk’s tweet, according to Coinbase.
The Twitter exchange between the two companies sparked the anonymous creation of 10 grimacecoins, some on the Binance Smart Chain, Coindesk reported. The Twitter account for one token has over 8,400 followers and the price before its launch soared 285,000% in after trading hours, according to multiple reports. At 9:30 ET, the price was up about 6,000%.
Grimace is a purple character who appears with Ronald McDonald in McDonaldland commercials.
See also: Tesla Customers Can Now Pay With Dogecoin… for Accessories, Not Cars
Aside from the coins on the Binance Smart Chain, there is also an Ethereum-based grimacecoin, which has 1,000 holders and a $6 million market capitalization, Coindesk reported.
Crypto community insiders have warned that the grimacecoin could be a rug pull — a situation where crypto developers ditch a project and take off with investors’ funds. Every grimacecoin transaction is “taxed” at 10%, which is considered a red flag, according to CryptoPotato.
While Dogecoin originally began as a joke when it launched, it’s currently among the top 10 cryptocurrencies by market value, according to CoinMarketCap.
Read more: Dogecoin Up 11% as Tesla Accepts the Crypto for Store Merch
McDonald’s went all in on cryptocurrency chatter on Twitter, with numerous people changing their profile pictures to include a McDonald’s hat. El Salvador President Nayib Bukele — a crypto supporter who has heavily invested in bitcoin — tweeted a meme of himself in a McDonald’s uniform on Monday. El Salvador became the first country to adopt bitcoin as a legal tender last year.
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