Quick meals chain McDonald's' Instagram profile promoted a fraudulent meme coin deployed on Solana (Sol) after being compromised.
The token, known as GRIMACE, hit a market cap of $25 million inside two hours of its launch, however then crashed, shedding greater than 95% of its worth.
The scammers, calling themselves “India_X_Kr3w,” declare to have scammed round $700,000 from traders who believed the memecoin was the official McDonald's token.
GRIMACE was deployed through Pump.enjoyable and shortly reached the bonding curve limits for deployment on Raydium.
Notably, the token garnered a buying and selling quantity of round $20 million inside two hours, in response to information from DEX Screener. Furthermore, regardless of the rug pull, traders seem like persevering with to wager on the token as liquidity from Raydium’s pool will increase.
It took McDonald's roughly two hours to revive entry to the account, and as of press time, all posts associated to the memecoin have been eliminated.
The meme coin craze continues
In accordance with Sol ScanOver the previous 23 days, a mean of over 17,400 tokens have been deployed to Solana per day, indicating that meme coin fever continues to be at its peak on the community.
Most of this intense meme coin creation is because of Pump.enjoyable, particularly after the platform drastically diminished charges for token creation. Whereas including A reward of 0.5 SOL shall be given for every efficiently launched token on Raydium.
Regardless of the platforms' finest efforts, so-called “trenchments” stay pernicious. In accordance with Dune Analytics: Dashboard Created by consumer evelyn233, the token is one in every of simply 1.39% of the over 1.8 million tokens created thus far on Pump.enjoyable to have efficiently accomplished the bonding curve.
Which means almost 99% of all meme cash created on Solana-based marketplaces have disappeared, leaving traders with losses. In the meantime, Pump.enjoyable’s payment earnings was about 645,580 SOL, equal to roughly $100 million.
Consequently, Solana Dominated Month-to-month buying and selling quantity on DEXs reached $57.3 billion in July, surpassing Ethereum by almost $3 billion.
