The man who brought us Tesla and SpaceX is launching his own cryptocurrency called Grimace Coin. The cryptocurrency has also been renamed “Eloncoin” and is now officially registered with the SEC as an Initial Coin Offering (ICO). It’s the latest twist in Musk’s madcap world.

Tesla CEO Elon Musk in a tweet aimed at Macdonald’s and said that it should support dogecoin as a payment. As per the sources Macdonald responded by saying that it will only support it if Tesla would be up for the Grimace Coin. However, Grimace Coin is a non-existent currency and that led to fans taking it as a joke but later it also became the reason for the development of a cryptocurrency that depicts a purple color blob which Macdonald used for its advertising and marketing.

Just after the tweet, all those currencies which were trading with the same name gained a rampant increase in their value. The trading tools saw a deliberate increase in the trading of these currencies. The network which reported the sudden change was etherium , Binance smart chain.

The most successful name from the currency was Grimacecoin which led to a rampant increase in its value by 28,500. Some Grimace coins reached up to 56,000 by gaining 1000 holders. People from different regions started creating their own fake currencies just after the tweet took place.

This is not the first time people started trading in meme coins. The squid game cash was created inspired by the Squidgame show it gained so much popularity but afterward, its creator ran away with millions of money gained from the investment of the coin. Although the tweet became the reason for the upliftment of DOGE digital currency in recent months.