Elon Musk has offered to eat on TV if McDonald’s agrees to accept Dogecoin as a payment option. The Tesla CEO has made another move this week to promote Dogecoin and, without any provocation, tweeted that he is willing to eat a meal on TV. Dogecoin saw a 7% increase in price following Musk’s tweet.
A few weeks ago, Dogecoin saw a surge in price, hitting another all-time high after Musk announced that users could buy Tesla’s merchandise with the cryptocurrency. Tesla also sold most of its products within hours after the announcement.
Dogecoin Supporters on McDonald’s
Recently, Dogecoin fans tagged McDonald’s on Twitter to accept Dogecoin after the fast-food retail company posted an image of a dog with fry in his mouth. Dogecoin has been getting a lot of support from prominent organizations and billionaires like Mark Cuban.
Elon Musk promised that he would eat a happy meal on TV if McDonald’s accepted Dogecoin. The food-chain company stated that it would only accept Dogecoin on one condition. McDonald’s will accept Dogecoin if Tesla accepts Grimacecoin, which represents the purple character starred in the company’s advertising campaigns. However, Tesla hasn’t replied yet.
Grimacecoin is only a reference to the fluffy purple character seen with Ronald McDonald in the company’s commercials. However, there are controversies over grimacecoin after recording 6,364 transactions within 24 hours on Binance Smart Chain after creating 20 grimacecoins. Grimace is not a real cryptocurrency but has sold out within a few hours.
The identity of those who created grimacecoin is unknown. While grimacecoin may be the case of Bitcoin, whose identity hasn’t been revealed, there are chances that grimacecoin is a rug pull. The grimacecoin may be another attempt to scam users before abandoning the project. Grimacecoin will not be the first time developers create a coin and then have people buy it only to withdraw everything from the liquidity pool.
After recording over 6,000 sales, grimacecoin has dropped by 30% from its peak.
The crypto market went bearish, with investors selling the dip. However, these cryptocurrencies are steadily increasing. Bitcoin is up by 4.15% at the time of writing, while Dogecoin is up by 7.58%, trading at $0.1496 on CoinMarketCap. Immediately after Elon Musk’s tweet, Dogecoin increased by 8.57%, trading at $0.14774.
Elon Musk contributed to the increase in the price of Dogecoin from his tweets. Elon Musk’s engagement regarding the coin impacts significantly on its value. Dogecoin is a volatile asset, so it is easy to witness a surge in value. While many users look forward to Musk’s tweet, other users are not because of its impact on the coin’s volatility.