The crypto is quite young and every day, were reminded of this by activities on and off exchanges. In fact, the market is so young that we have something referred to as "meme coins" and despite their obvious shortcomings, people still seem to champion them.
There's no other way to say it. Meme coins are useless. In fact, I can confidently say that 98% of all meme coins in existence are just exit scams.
Anyway, despite being so useless, people still gamble with them. I can't hold it against anybody that decides to roll the dice in the crypto market but do it with the knowledge that you're most likely getting into a potential exit scam.
The recent potential exit scam that came up was the Grimace token that was inadvertently shilled by MacDonald's, in response to a tweet by Elon Musk urging them to accept Dogecoin for items.
MacDonald responded to Elon's tweet by saying along the lines of "Accept Grimacecoin and we'll accept Dogecoin". Well, at the time of the Tweet, there wasn't Grimacecoin but that changed really fst.
Moments after the exchange between Elon and MacDonald's eatery, anonymous users created Grimacecoin on Binance smart chain. The token instantly pumped by an astonishing 285000% after creation.
You don't need a prophet to tell you that investing in that asset is an obvious banana skin. However, in case you don't know, here's your reminder.
Dude, it was a joke
How is it that people actually get so engrossed in a joke exchange between two people and then proceed to throw money at it?
Anyone can call a smart contract and issue tokens on BSC (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after. The premise doesn’t matter: if there’s money to be made peddling trendy topics, expect a market for it somewhere in niche shitcoin circles. Coindesk
Is it that people have endless supply of money and so they just buy whatever crap that gets shilled?
I'm also starting to suspect that these activities are done by double agents that just want to see the crypto industry consistently be in disrepute in the public's eye.
I'm also starting to look at Elon with a side eye because surely he has to know exactly what he's doing. That man is shilling dogecoin and trying to pump his bags for fun or something.
In any case, Elon is a businessman, so I can't fault him for wanting more money. However, I just wonder if he's aware of the potential damage he could be doing to the industry.
That's also another thing that we really need to discuss because it is utter bullshit that utterances of a single person has such a dramatic influence on the market. I get that he's one of the wealthiest people on the planet but still, it's just kind of weird that we're still here.
In Summary
Perhaps I'm thinking too much of it right now. Perhaps I should just accept that everyone has the right to do whatever they like with their money and that's all there is to it.
The crypto industry is rife with these sort of actors willing to generate random shitcoins for the populace. It doesn't matter what you create, there's somebody willing to buy it.
The mainstream media love to peddle these stories and expect to see a CNN report about rug pulls in the near future, with tokens like Grimacecoin being mentioned. These are part of the issues preventing crypto from going mainstream. Oh well, Time will tell.
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