There is never a dull moment in criptocurrency. The peak to trough total market cap outflows, since December's all-time high of $2.4 trillion, came in at $900 billion or 38%.
Since Monday s bottoming, we have seen some reprieve but it is too soon to say the worst is over. The investor sentiment across the board is jittery, especially when it comes to investor sentiment.
During peak fear, the meme of McDonald resurfaced. Instead of being silent, the fast-food giant joins in the banter, triggering a series of events, including Elon Musk's involvement, leading to the creation of Grimace Coin.
In times of trouble, memes are always there for some light relief. What is even funnier is when a nation-state leader memes about himself.
That spelled the death of El Salvadoran President Bukele over the weekend, as he posted a picture of himself in a McDonald's uniform.
The origin of McDonald's meme comes from the longstanding gag that a person with a real job in cryptocurrencies now has to get a job after a market crash.
Since tweeting this image, President Bukele has doubled down by releasing a Twitter poll asking followers if he should quit McDonald's and open a rival Bitcoin burger joint. 86% of respondents said yes.
President Bukele took the opportunity to fire back at critics of El Salvador who were buying the dip, and built on this momentum. Tesla CEO Elon Musk chimed in by saying he would publically eat a Happy Meal if McDonald s accepts Doge coin as a payment method.
McDonald s, who said only if Tesla accepts grimacecoin, the tweet garnered 26,500 responses, including McDonald s. Grimace is a McDonald's character that first appeared in 1971. He was initially called Evil Grimace and was shown stealing milkshakes. Over time, marketers changed his nature to good. An ERC 20 Grimace Coin appeared onEthereum around an hour after McDonald posted this reply, and appeared as a BEP 20 on the Binance Smart Chain in the early hours of Wednesday.
ERC- 20 Grimace Coin fell below its opening price after a spike to just below $0.008. An upward trend followed, but bears are fighting back.
Before selling hard, the BEP 20 Grimace Coin showed a huge spike, to $0.0002786. Activity has fallen significantly since the sell-off.
It goes without saying that neither of these tokens is affiliated with McDonald s. The likely outcome for anyone brave enough to trade their ETH or BNB is a rug pull.