GRIMACE Coin Rug Pull Highlights Growing Threat of Memecoin Scams

The crypto ecosystem has witnessed an astonishing surge in memecoins and their popularity over the past year. However, this craze has inadvertently opened the floodgates to a slew of scams and rug pulls preying on unsuspecting investors.

Solana-based GRIMACE coin fell victim to a rug pull after hackers promoted the token using McDonald’s Instagram account.

The token’s price surged 400% before the developers vanished with over $700,000 in investor funds.

Meanwhile, Solana’s price remained stable within a narrow range, showing a minimal 0.9% decline despite gains by BTC and ETH.

Solana’s price faced resistance at key technical indicators, hindering sustained price recovery.

The token’s price found support at $129 following the August 5 market crash, serving as a crucial defense for SOL’s price action.

Solana’s price hovered within a tight range of $138 to $142 from Monday, showcasing the cautious approach taken by investors amid the turbulent market conditions. This development followed a string of scams and rug pulls that plagued the crypto space, targeting unsuspecting investors.

In a recent incident, hackers infiltrated McDonald’s official Instagram account and exploited the platform to promote the GRIMACE token, presenting it as a memecoin issued by McDonald’s on the Solana blockchain.

The cybercriminals disseminated false information to further their deceptive scheme. However, their intentions became clear when the anonymous developers behind GRIMACE ultimately pulled the rug on the project, making off with over $700,000 in investor funds.

In the wake of this rug pull, the hackers even went so far as to alter the McDonald’s Instagram bio to read, “Thank you for the $700,000 in Solana.”

In other news, Solana’s price remained largely stable since the start of the week, trading within a narrow range. This comes after a recovery from a月初, which saw SOL’s price plunge to $109 — its lowest point since March.

Over the past 24 hours, SOL’s price experienced a minimal 0.9% decline compared to Tuesday’s price. While Bitcoin (BTC) and Ethereum (ETH) both rose by around 3% and 2%, respectively, Solana’s price remained relatively stagnant.

This lack of demand for the fifth-biggest cryptocurrency was also evident in its trading volume, which fell to $2.2 million over the past two days, marking a 14% decrease, according to CoinGecko.

Solana’s price consolidation became a point of concern for bullish investors, as the token faced resistance at key technical indicators, which was crucial for sustained price recovery.

Currently trading at $142, SOL had yet to cross its 50-day and 200-day exponential moving averages (EMAs), which stood at $143 and $151, respectively. Breaking through these levels would serve as critical support floors in case of potential market corrections.

It was also worth noting that SOL found strong support at the $129 level following the broader cryptocurrency market crash on August 5, making it a crucial near-term defense for Solana’s price action.

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