The circumstances surrounding the creation of Grimace coin is potentially the funniest event in the meme coin space this new year. In case you still do not know. Grimace coin was born from a Twitter conversation between Elon Musk and Macdonalds.
The conversation didn’t move any further. However, a few hours later, a random developer had launched the token. The token pumped over 250,000 percent that day. Since then, the token has become a thing of controversy among observers and investors. While many insist it’s an obvious scam. Others think it’s the token that will make them rich this new year. It is important to know that there are many other Grimacecoins on ethereum and BSC separate from this one. This review is based on this Grimacecoin. It appears to be the most popular on the Binance Smart Chain.
The controversy around this token has motivated me to run write this review. Hence, If you are about to invest in Grimace coin, maybe you are just curious about the token and want to know whether it is a legitimate investment option. Stick with me to find out. We’d start this review with the website.
What is Grimace Coin?
According to Grimacecoin’s description on coinmarketcap.com,
It is a cryptocurrency that operates on the Binance Smart Chain. GrimaceCoin has currently a supply of 1,000,000 tokens. The coin is affiliated with the popular character and icon “Grimace” from McDonald’s.
It is difficult to describe the Grimace Coin Website. I however think it is a basic website, housing a project that is lacking in real purpose. This is what the website said about the token.
A clear repeat of what was said on coinmarketcap.com.
Another point of observation is the fact that this token is pretending to have been ‘featured’ on many platforms like CNBC, Coindesk, Tesla, etc.
This is a lie designed to hoodwink gullible investors. Grimace coin has no affiliation with any notable brand.
Grimace coin had an initial total supply of 1 million. Investors are taxed a high 12% upon every transaction (that is, upon every buy and sell).
This is how the tax is distributed and used. 6% goes to Grimacecoin marketing wallet. This is just a fancy way developers collect funds they do not give an account of.
While the remaining 6% goes to the token’s liquidity, which ensures smooth transactions in the token’s ecosystem.
In my opinion, the tokenomics is simple. The coin seems to desire to enrich the devs quickly while pretending it is in for the long term.
Grimace Coin On Tokensniffer
On token sniffer, we find out that, we find out that Grimace coin’s contract is 60% safe. This is (a little above) an average score.
According to tokensniffer, Grimacecoin’s audit score of 60% is a measure of how well the token contract and characteristics meet the criteria for safety. Again, we were made to understand that the buy tax is 2%, while the selling tax is 12%. This is different from what is on the website.
We also find out that the contract is not renounced, the developers can easily manipulate the contract for good or evil. This makes the contract susceptible to a rug pool. Also, the developers have the right to increase or decrease the tax. Aside from these concerns, the token is in good condition. The liquidity is locked for just 51 days and is adequate. There are no whales in the Grimace coin ecosystem.
The token does not have a doxxed dev team. This will always be a red flag.
In conclusion, Grimace coin is a token without utility or direction. The token is a product of Twitter banter between Elon Musk and MC Donald. The contract is under the control of a faceless group of lying devs. The tokenomics was designed to benefit the developers. While the token pretends like big companies are supporting it. Buying this token is extremely risky and unwise. However, I admit anything can happen in the meme coin. If you are a stubborn investor and don’t care much about red flags, I’d advise you to invest what you can afford to lose.
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