Quick meals chain McDonald's Instagram profile promoted a fraudulent memecoin deployed on Solana (SALT) after it was compromised.
The token – referred to as GRIMACE – reached a market capitalization of $25 million inside two hours of its launch earlier than being resilient and shedding greater than 95% of its worth.
The scammers, who recognized themselves as “India_X_Kr3w,” declare to have swindled roughly $700,000 from buyers who believed memecoin was an official McDonald's token.
GRIMACE was deployed by way of Pump.enjoyable and shortly reached the binding curve restrict for deployment on Raydium.
Notably, DEX Screener knowledge reveals that the token managed to amass practically $20 million in buying and selling quantity inside two hours. Furthermore, buyers appear to proceed to wager on the token as liquidity from the fund on Raydium grows regardless of the carpet pulling.
It took practically two hours for McDonald's to revive entry to the account, and all memecoin-related posts have been deleted at press time.
The memecoin craze continues
In line with Solscana mean of over 17,400 tokens have been staked on Solana for the previous 23 days, indicating that the memecoin frenzy continues to be in full swing on the community.
A lot of this intense memecoin creation will be attributed to Pump.enjoyable, particularly after the platform lowered its token creation charges. when including 0.5 SOL reward for tokens which might be efficiently launched on Raydium.
Regardless of the platform's finest efforts, the so-called “trenches” are nonetheless merciless. In line with Dune Analytics dashboard created by evelyn233, only one.39% of the greater than 1.8 million tokens which have been created on Pump.enjoyable thus far have efficiently accomplished the connection curve.
Which means that practically 99% of all memecoins created on the Solana-based market have expired, leaving buyers with losses. In the meantime, Pump.enjoyable's income from charges is roughly 645,580 SOL, which is equal to virtually 100 million USD.
The result’s Solana dominated the month-to-month traded quantity registered by DEXs reached $57.3 billion in July – surpassing Ethereum by virtually $3 billion.
