McDonald’s Instagram account appears to have been compromised to promote a Solana-based meme coin called GRIMACE.
Hack Incident
Earlier Wednesday, the McDonald’s account on Instagram began promoting a Solana-based meme coin called GRIMACE. According to Pump.fun data, the token quickly rose to a market capitalization of about $20 million before falling below $1 million.
Promotion of GRIMACE Meme Coin
While the Instagram post promoting the token has been deleted, in one post, the GRIMACE meme coin was referred to as 'a McDonald’s experiment on Solana.' Simultaneously, the fast-food giant’s profile page appeared to have been compromised, with a mention thanking 'for the $700,000 in Solana' following a mention of a 'rug pull'.
Community Reaction
Pump.fun, which launched in January, is a Solana-based meme coin generator that has facilitated the creation of over 1.8 million meme coins. Overall, the Solana-based memecoin market has experienced significant volatility in August. Last week, Solana set a new record for weekly outflows, according to CoinShares, which attributed the spike in outflows to a sharp decline in meme coin trading.
The community continues to discuss the hack of the McDonald’s account, while Pump.fun’s cumulative revenue is approaching $100 million.
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