McDonald’s Instagram account promoted a memecoin scam deployed against Solana.SOL( ) after having been compromised.
The token — called GRIMACE — hit a $25 million market capitalization within two hours of its launch before it was rugged and lost more than 95% of its value.
They were scammers that identified themselves as “India_X_Kr3w,” The claim is that they have collected approximately $700,000 in investments from those who mistakenly believed the memecoin to be an official McDonald’s token.
GRIMACE reached its bonding limit quickly after being deployed to Raydium via Pump.fun.
DEX Screener showed that within just two-hours, the token had accumulated nearly $20 million worth of trade volume. Investors also seem to bet on the token as liquidity on Raydium continues to grow despite the carpet pull.
McDonald’s recovered access to its account in just over two hours. As of the press deadline, all memecoin-related posts had been removed.
Memecoin frenzy continues
As per SolscanIn the last 23 days, an average daily amount of 17,400 tokens was deployed to Solana, showing that memecoin fever is still in full force on the network.
The platform Pump.fun is responsible for the majority of these memecoins, particularly after it lowered its token creation fees. while adding For tokens successfully launched by Raydium, you will receive a reward of 0.5 SOL.
Even though the platform has made every effort, it is not possible to eliminate the “platform” “trenches” Still vicious. Dune Analytics says that. dashboard Only 1.39% out of the 1.8 millions tokens that have been created on Pump.fun so far, created by evelyn233 user, have completed bonding curve.
Investors have suffered losses on nearly 99% all the memecoins that were created in Solana. The revenue generated by Pump.fun in terms of fees is approximately 645,580 SOL. This is equivalent to almost $100 million.
Solana was forced to act. dominated the monthly traded volume registered by DEXs in July, hitting $57.3 billion — surpassing Ethereum by nearly $3 billion.
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Source: cryptoslate.com