Is It Too Late To Buy GRIMACE? Grimace Price Soars 662% After McDonald’s Instagram Hack And This Might Be The Next Crypto To Explode
The Grimace price surged 662% in the last 24 hours to trade at $0.0003825 as of 03:19 a.m. EST on trading volume that skyrocketed to $25.7 million.
This comes after McDonald’s Corp.’s official Instagram account was hacked yesterday to promote a cryptocurrency scam named after the firm’s purple mascot, Grimace.
The hacker changed the biography on McDonald’s Instagram page and also made posts related to the crypto scam.
After targeting the McDonald’s account, the scammers managed to drive up the market capitalization of Grimace to $20 million before it fell below $1 million once the scam was exposed.
After the attack, the hacker edited the bio section of McDonald’s Instagram page to brag about the exploit, saying the attack netted a profit of $700,000.
Grimace Price On A Downtrend – Can The Token Rebound?
According to data from GeckoTerminal , the price of Grimace has been on a downtrend after the exposure, dropping within the falling channel pattern.
With the downtrend, the GRIMACE price has fallen below the 50-day Simple Moving Average (SMA).
Moreover, the Relative Strength Index (RSI) has been on a downtrend as it moves towards the 30-oversold level, currently at 38. This shows that the asset is under intense selling pressure.
The Moving Average Convergence Divergence (MACD) is also bullish, with the MACD now closing above the zero line. The green bars on the histogram also extend above the neutral line, which shows GRIMACE is in positive momentum.
According to the Grimace price analysis on the 5-minute chart, the asset may rebound from the current downtrend to soar above the falling channel, as the bulls target $0.0010.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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