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.
The token experienced 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, reported 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.
Also Read: Brazil Regulator CVM Approves Second Solana ETF in August
