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Grimace Coin is a meme coin project on DogeChain. It launched following a light-hearted exchange on Twitter between Elon Musk and McDonald’s. This prompted a team of developers to release GRIMACE, the Grimace Coin’s native token. In the past, Musk has tweeted about Dogecoin (DOGE), driving prices higher.
only if @tesla accepts grimacecoin https://t.co/CQrmAFelHR pic.twitter.com/to9HmYJhej— McDonald’s (@McDonalds) January 25, 2022
The DRC-20 standard
DRC-20 tokens are the native crypto assets of the DogeChain network. They are similar to ERC-20 tokens on Ethereum. However, they can hold many assets, including digital currencies, non-fungible tokens, and more.
The launch of GRIMACE on DogeChain has catalyzed activity, increasing user count.
According to BitInfocharts, over 645,000 transactions have been posted on DogeChain following the DRC-20 standard launch earlier this year.
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On launch date, DogeChain transactions briefly surpassed those processed by Bitcoin and Litecoin.
GRIMACE has a total supply of 1 million. The token has since rallied from $6 to $34.44, pushing its market capitalization to $34.6 million.
The meme token has also been listed on several decentralized exchanges, including MEXC and KibbleSwap.
GRIMACE’s launch on the DogeChain network can open up new possibilities in the meme world.
At the same time, its developers are also constantly exploring potential revenue sources for long-term sustainability.
Even so, the performance of DRC-20 tokens and the broader meme coin scene has varied, and volatility has remained elevated since the introduction of GRIMACE.
To illustrate, Dogecoin rose 8% in the days before GRIMACE launched.
At the same time, the Dogelon Mars token (ELON) fell. Some analysts link this contraction to ELON holders liquidating and rotating funds to GRIMACE.
Grimace coin on DogeChain
The DogeChain network allows for minting and trading non-fungible tokens (NFTs). Meanwhile, the Grimace Coin initiative prioritizes generating income and entertainment through its utility.
The Grimace team is also developing Grimace Swap, a decentralized exchange (DEX) for trading GRIMACE and other tokens. There are also plans to launch a play-to-earn (P2E) gaming platform.
The project is still in its early stages, but its community comprises individuals who believe in its potential.
However, it can potentially grow to become a key player in the meme coin, non-fungible token (NFT), and decentralized finance (defi) scene.
Nonetheless, like all web3 projects, supporters should do their due diligence and consider possible risks before investing.
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