- The Solana memecoin seemed to have been promoted through hacking of the fast-food chain’s Instagram account.
- Before collapsing to less than $1 million, the GRIMACE token’s market capitalization surged to $20 million.
It appears that a Solana memecoin has been promoted through the hacking of McDonald’s Instagram account.
The McDonald’s account on the social media network seems to be promoting the Solana-based memecoin GRIMACE earlier on Wednesday. According to data from Pump.fun, the token quickly increased to a market valuation of over $20 million before plunging to less than $1 million.
It appears that the GRIMACE memecoin was mentioned as a McDonald’s experiment on Solana in one of the token’s promotional Instagram photos, despite the fact that the post has since been taken down.
In addition, it looked that the fast food chain’s Instagram account had been hacked, with a user commenting “thank you for the $700,000 in Solana” after a rug pull was mentioned.
Memecoin frenzy
Since its January inception, Pump.fun, a Solana-based memecoin generator, has helped create over 1.8 million memecoins.
The Solana-based memecoin market has experienced notable overall volatility in August. According to CoinShares, Solana broke the previous record for weekly withdrawals last week. The platform attributed the significant drop in memecoin trade for the outflow spike.
Just a few days prior, Pump.Fun’s total income was almost $100 million away.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
