Solana

Memecoin

On Wednesday, McDonald’s Instagram account was compromised to promote a Solana-based memecoin called GRIMACE. 
The Instagram post promoting GRIMACE was deleted, but it initially labeled the token as “a McDonald’s experiment on Solana.” The account profile also displayed a message claiming “thank you for the $700,000 in Solana” and mentioning a rug pull. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd1TChZpS1uy1jE5xfWtYojS65f940BwCF5aRiXdzYUrv2rzcI7Rve6m7nlhxHsc-ikab7VVAVS3h475PPDDGhig1qOm0guf_Cv0oKvFKJNouzBjP-qJnMkjFYEWbMgYIs7KFEgwe0lxWhKXr3mYMSMnCwC?key=0pW-VFwzkYrcJhyEEcitXQ" alt="McDonald’s Instagram Hacked">
</figure> 
The token <a href="https://pump.fun/4BRummYdfvoEGQwYzTSmn5F6RyAFdrHUTFkeagobpump" target="_blank" rel="noreferrer noopener">experienced</a> rapid volatility, soaring to a market cap of about $20 million before crashing to under $1 million, according to Pump.fun data. 
The GRIMACE token’s market cap saw a dramatic rise and fall within a short span, highlighting the volatile nature of memecoins. Pump.fun, a platform that facilitates the creation of memecoins on Solana, <a href="https://dune.com/queries/3705945/6235708" target="_blank" rel="noreferrer noopener">reported</a> significant activity with over 1.8 million memecoins generated and nearing $100 million in cumulative revenue. 
The Solana-based memecoin market has seen increased volatility in August, with recent records showing significant outflows and a sharp decline in trading activity. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/21/brazil-regulator-cvm-approves-second-solana-etf-in-august/" target="_blank" rel="noreferrer noopener">Brazil Regulator CVM Approves Second Solana ETF in August</a> 
</blockquote>

McDonald’s Instagram Hacked to Promote Solana Memecoin GRIMACE

The Crypto Times

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