Elon Musk declared he would only eat McDonald’s Happy Meal on television if the chain accepts Dogecoin. It is a McDonald’s kid’s meal that comes in a red cardboard box with a yellow cheerful face. As a bonus, the meal includes a toy.
Dogecoin was founded in 2013 by software programmers Billy Markus and Jackson Palmer as a “fun” and “faster” alternative to the popular cryptocurrency Bitcoin. A spoof on the several fraudulent cryptocurrency currencies that had cropped up at the time, it derives its name and emblem from a Shiba Inu meme that went big a few years ago, and it has been around since.
McDonald’s reply to Elon Musk
When asked if they would take Grimacecoin in response to Musk’s tweet, McDonald’s stated that they would, but only if Tesla accepted the cryptocurrency and that was all it took for some folks to establish a genuine cryptocurrency called GrimaceCoin on the Binance Smart Chain and then put it on the market, thanks to Binance.
With only a few hours after it was founded, the price of the cryptocurrency skyrocketed, and it is already up approximately 6,000 per cent at the time of this writing, but it is still down about 30 per cent from its all-time high.
Notably, the currency was made by an unknown group, leading experts to speculate that the coin maybe some type of rug-pulling swindle.
Also Read: Types of Crypto Mining You Should Know
Meanwhile, Elon Musk, the CEO of Tesla, is a vocal advocate of Dogecoin. As a result of Musk’s claim that Dogecoin is more efficient for transactions when compared to Bitcoin, this became apparent. Tesla and SpaceX CEO Elon Musk recently stated in an interview with Time magazine that Dogecoin is a far superior cryptocurrency when it comes to the number of transactions each day.
“Bitcoin’s transaction value is modest, and the cost per transaction is quite high. It is suitable as a store of value, at the very least on a spatial scale. But, ultimately, Bitcoin is not a good alternative for transactional currency,” he says, adding that, even though Dogecoin was established as a humorous joke, it is better suited for commercial purposes.
As an alternative to Ethereum, Musk has promoted Dogecoin, claiming that DOGE may be used to make Decentralized Finance (DeFi) more accessible to everyone.
In a more recent announcement, Musk stated that Tesla will accept Dogecoin as payment for items on a trial basis. “Tesla will create some goods that can be purchased with Doge and we’ll see how it works,” he added in a Twitter post. Tesla sells a variety of products, including clothes, a belt buckle, small versions of its vehicles, a quad bike for youngsters called the ‘Cyberquad,’ and a whistle patterned after the much-anticipated Cybertruck.
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