GRIMACE meme currency suffers traction after promotion on hacked McDonald’s Instagram account

• McDonald’s Instagram page has reportedly been hacked after it started promoting a Solana meme coin based on its character Grimace.
• The alleged meme coin GRIMACE has been pulled under the carpet hours after reaching a market cap of $20 million.
• The Tron SunPump meme coin generator has attracted a lot of attention as certain meme coins have started to accumulate.

McDonald’s Instagram account was hacked on Wednesday after it promoted a meme coin based on Solana, named after GRIMACE, one of its packaging characters. Following the hack, insiders began dumping their tokens, driving the token’s market cap from $20 million to $599,000.

Crypto Community Reacts As GRIMACE Token Holders Pounce After McDonald’s Hack

Popular fast food restaurant McDonald’s appears to have been the victim of a hack after its Instagram page started promoting a meme coin based on Solana today. A series of posts on his page made the meme coin called GRIMACE reach a market cap of $20 million in just a few hours.

Following the increase in market capitalization, the token experienced a pullback after its main holders began to withdraw their holdings. Its market value is currently low at less than $600,000, according to data from Pump.fun.

The alleged hackers named the token after Grimace, one of the fictional McDonald’s characters used in its commercials. This move misled investors who must have bought the token following the Instagram hack. After the carpet was pulled, all posts made to promote the token were removed, including one that said: “Thanks for the $700,000 from Solana.”

The event is an example of why investors should tread carefully when investing in newly launched meme tokens, as many of these highly volatile assets are likely to be scams.

Meanwhile, Pump.fun’s newly launched competition SunPump on the Tron network has started to gain massive attention, claiming to be the new meme coin launch platform for meme coin generator Solana.

SunPump, which launched just 11 days ago, has already generated over $1 million in revenue. Additionally, SunDog, a recently launched meme coin on the platform, rose more than 25% before falling 10%, according to CoinGecko data.