Ramazan Eles 
A Solana-based memecoin, GRIMACE, experienced a meteoric rise in value after McDonald’s official Instagram account was hacked and used to promote it.
The fast-food giant’s Instagram account, boasting over 5.1 million followers, was briefly hijacked to advertise the GRIMACE token. The Solana-based memecoin quickly surged to a market capitalization of nearly $20 million.
However, the rally was short-lived, with the token’s value plummeting to less than $500,000 according to Pump.fun data.
The fraudulent post promoting GRIMACE was swiftly removed from McDonald’s Instagram. Yet, one post referred to GRIMACE as “an experiment by McDonald’s on Solana.”
In response, McDonald’s stated, “We have resolved the issues on these accounts and apologize to our fans for any disruptive content posted during this time.”
Pump.fun, a Solana-based platform launched in January, allows users to create their own memecoins easily and at a low cost. According to Dune Analytics, over 1.8 million tokens have been minted on the platform.
The Solana-based memecoin market has experienced significant fluctuations in August. CoinShares reported record weekly outflows from Solana last week, attributed to a decline in memecoin trading.
Just a few days ago, it was reported that Pump.Fun’s total revenue was on the verge of surpassing $100 million, highlighting the magnitude of the memecoin craze.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates