The big bets of Elon Musk and McDonald | That was a BIG TRICK?

The big bets of Elon Musk and McDonald | That was a BIG TRICK?
The big bets of Elon Musk and McDonald | That was a BIG TRICK?
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The big bets of Elon Musk and McDonald | That was a BIG TRICK? Elon Musk | McDonald | Dogecoin Now it is Elon Musk's turn to accept the bet or not Elon Musk was born in 1971 in South Africa. Elon Musk became a millionaire at the age of 28 by selling the small startup Zip2 to Compaq. Elon Musk started X.com in 1999, and in 2002 it was Space X; Elon Musk also became CEO of Tesla Motors in 2003. In 2012, He sent the first commercial spacecraft to the International Space Station. Last week, Billy Markus, the cofounder of dogecoin, replied to a McDonald's tweet featuring a picture of fries, saying: "i want a fry." McDonald's then replied to Markus' tweet with a picture of a shiba inu, the mascot of dogecoin. “I will eat a happy meal on tv if @McDonalds accepts Dogecoin,” Mr. Musk, chief executive of Tesla Inc., said in a tweet Tuesday morning. He has repeatedly touted dogecoin, including earlier this month when he said Tesla would accept the cryptocurrency for payment for some merchandise. McDonald's didn't immediately reply to Musk's tweet or respond to Insider's request for comment on the matter. What was the story? Responding to Markus' tweet last week, another user tweeted McDonald's: "If you guys accepted Dogecoin payments I would go more often." McDonald's replied: "We appreciate hearing your interest and continuously evaluate the payments experience." Musk is a longstanding advocate of dogecoin, and his tweets referencing the cryptocurrency often move the market. Before he posted his McDonald's tweet Tuesday, dogecoin was trading at about $0.135. Shortly after he tweeted, the coin was trading at about $0.14, a gain of nearly 4%. Musk announced last month that Tesla would let customers buy some merchandise with dogecoin, including the company's Cyberquad for Kids and the Cyberwhistle. The price of dogecoin rose 7% on Tuesday, according to CoinMarketCap. Tesla and McDonald’s representatives didn’t respond to requests for comment. The tweet comes after cryptocurrency prices—including dogecoin—have fallen sharply in recent days. The selloff prompted McDonald’s to tweet on Monday: “how are you doing people who run crypto twitter accounts.” Dogecoin, initially started as a joke in 2013, is currently in the top 10 by market value for cryptocurrencies, according to CoinMarketCap. Its value tends to fluctuate based on what Mr. Musk says about the volatile cryptocurrency. When pressed to explain what dogecoin was during a “Saturday Night Live” performance in May 2021, Mr. Musk, who was hosting the show, eventually said, “Yeah, it’s a hustle,” which sent the cryptocurrency’s price falling. The price of dogecoin has lost roughly 80% of its value since Mr. Musk’s SNL appearance. In addition to accepting dogecoin for payment for some merchandise, Tesla last year bought $1.5 billion in bitcoin. While Mr. Musk initially said Tesla would also accept payments in bitcoin, the company later suspended that initiative after Mr. Musk expressed concerns about high levels of fossil-fuel use for bitcoin mining. Grimacecoin Jumps 285,000% After McDonald’s’ Tesla Joke McDonald answers to Tesla A token created after a McDonald’s joke tweet surged as much as much 285,641% in a few hours as opportunistic actors jumped at the chance to make cash in a tepid crypto market. “Only if Tesla accepts grimacecoin,” said McDonald’s on Wednesday morning, referencing its purple mascot fashioned after a tastebud. That tweet was in response to Tesla CEO Elon Musk’s tweet on Tuesday, “I will eat a happy meal on TV if Mcdonald’s accepts Dogecoin.” “Only if Tesla accepts grimacecoin,” said McDonald’s on Wednesday morning, referencing its purple mascot fashioned after a tastebud. That tweet was in response to Tesla CEO Elon Musk’s tweet on Tuesday, “I will eat a happy meal on TV if Mcdonald’s accepts Dogecoin.” only if @tesla accepts grimacecoin https://t.co/CQrmAFelHR pic.twitter.com/to9HmYJhej — McDonald's (@McDonalds) January 25, 2022 While McDonald’s hasn’t pivoted to a crypto token company yet, Wednesday’s tweet spurred the creation of nearly 10 grimacecoins on the Binance Smart Chain (BSC) network alone. 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. One such grimacecoin token started trading at $0.0007 and reached $2 at its peak in Asia morning hours before tumbling down to the $0.60 level. That token reached a market capitalization of nearly $2 million at peak prices. It’s worth $800,000 at press time and has over $65,000 in a liquidity pool created and supplied by users. Blockchain data, however, shows 93% of these tokens are owned by a single entity. Another grimacecoin – with a supply of 1 trillion tokens – reached a $1 million marketcap in Asia morning hours as prices jumped to $0.00000193 from a tiny fraction of a penny just hours earlier. This grimacecoin locked up $104,000 in liquidity at the time of writing, with 75% of that held by one address. Grimacecoins weren’t limited to the BSC network. An Ethereum-based grimacecoin surged 56,000% in the hours after its issuance, reached 1,000 holders, and a $6 million market capitalization, with developers positioning it as the “first” one on the Ethereum network. We are up 56,000% since launch. Just wait till Elon sees us! pic.twitter.com/gRVI1ErJ8l — Grimace Coin (@grimacecoineth) January 26, 2022 Not all grimacecoins saw similar successes, however. One exhibit on the BSC, presumably late to the fray, failed to attract both capital and speculators, holding just over $830 in liquidity, five holders, and a market capitalization of $1,400. The crypto market is equal parts legitimacy and memes. Serious investors and developers build financial services based on smart contracts to allow global users to trade, lend assets, take out loans, and investors in a permissionless setting, in line with the ethos of relying on technology instead of third parties to access financial services. There’s then the meme artists. Dog coins, cat coins, food coins, and meme coins command billions of dollars in market capitalization, data shows, each iteration savvier than the rest. Grimacecoin isn’t the only instance of crypto hopefuls creating a shitcoin market. In December 2021, Brad Sherman, a member of the U.S. House of Representatives, joked about a “mongoose coin” in a hearing about cryptocurrencies, spurring the issuance of hundreds of mongoosecoins in the hours afterward. The most successful mongoosecoin from that cohort saw trading volumes of over $15 million in the week after its issuance, reaching a market capitalization of tens of millions of dollars in the process. Prices have since fallen 95%. Source Yahoo News The Wall Street Journal Yahoo Finance

The big bets of Elon Musk and McDonald | That was a BIG TRICK?

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