As a researcher who has been closely observing the crypto landscape for years, I must admit that incidents like the GRIMACE rug pull and the McDonald’s Instagram hack are becoming all too familiar. It seems like every time we think we’ve seen it all, another scam surfaces, preying on unsuspecting investors.
Over the last twelve months, there’s been a significant increase in the rise of meme coins within the digital currency market. Despite their growing appeal, this trend has unfortunately given birth to a spike in scams and exit scams specifically designed to deceive unwary investors. A recent example of this unfortunate development is the GRIMACE coin, which operates on the Solana blockchain and was subjected to an exit scam, also known as a rug pull.
GRIMACE Surges 400% After McDonald’s Instagram Hack
The event unfolded as unauthorized individuals gained control of McDonald’s official Instagram account, subsequently employing it to advertise the GRIMACE token. These individuals disseminated inaccurate information, leading people to believe that McDonald’s had launched the GRIMACE memecoin on the Solana blockchain, which was not true.
In my analysis, I can confidently say that the strategy employed proved successful, as I, myself, witnessed a surge of investors flocking towards the GRIMACE token within a short span of 30 minutes. This influx significantly boosted the token’s market capitalization from an initial $500,000 to a substantial $25 million.
The token’s price soared dramatically, increasing approximately 4 times over, climbing up to $0.02500 from its original value of merely $0.0005110.
Initially, there was a sense of excitement, but it didn’t last long. After the token’s surge, the unknown creators of GRIMACE pulled off a typical exit scam, swiftly leaving the project behind and making off with more than $700,000 from investors’ investments.
Solana Price Analysis
As a researcher, I’ve noticed that the Solana price has maintained a steady trend since Monday, oscillating within a fresh range of $138 to $142. This comes after a dip at the start of the month, which took it down to the $109 level – a low not seen since March this year.
In the last day, Solana (SOL) has shown minimal price fluctuations compared to its value on Tuesday, with a minor decrease of approximately 0.9%. This decline occurred even as Bitcoin (BTC) and Ethereum (ETH) experienced growth of nearly 3% and 2%, respectively.
The scarcity of price fluctuations implies a low interest in the fifth-largest cryptocurrency within the market during the past week, as demonstrated by a significant decrease in trading activity down to $2.2 million over the previous 48 hours, based on data from CoinGecko.
The consolidation in Solana’s price is also concerning for bullish investors, as the token has failed to overcome its key technical indicators. Currently trading at $142, SOL has not breached its 50-day and 200-day exponential moving averages (EMAs), which are positioned at $143 and $151, respectively.
Progressing through these stages will be vital for long-term price restoration and offer robust foundations to fall back on in case of future adjustments. Notably, following the wide-spread cryptocurrency market downturn on August 5, SOL demonstrated strong resistance at the $129 mark, which serves as a crucial short-term barrier for Solana’s price movement.
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2024-08-22 02:10