PHIL Meme Coin From Ethereum Genesis Block Briefly Hits $125M on Uniswap

A new meme coin linked to the Ethereum Genesis block quickly climbed to the top of Uniswap’s trading charts on August 28.

According to data from DEX Screener, the PHIL token was launched today by a wallet funded by Ethereum’s Genesis block in 2015. The token quickly gained traction on Uniswap V2, reaching a market capitalization of over $125 million within hours of its launch.

PHIL Surges to $0.12 Before Falling to $0.067

Following its launch, the PHIL token saw a rapid increase in trading activity, becoming the most traded asset by volume. The token initially surged to $0.12 before declining to the current $0.067, driven by a flurry of transactions from individual traders and large holders.

Aped into $Phil #ethereum is screaming for a juicy runner, this is it. pic.twitter.com/6aexYOtbI8

— Leo Nerdo (@LeoNerdoETH) August 28, 2024

The wallet responsible for the token’s launch, originally funded with 2,000 ETH from the Genesis block, funneled a significant portion of its assets into the PHIL token’s liquidity pool.

McDonald’s Social Media Hacked for Meme Coin Promotion

McDonald’s official Instagram account was recently hacked to promote a Solana-based meme coin scam called “GRIMACE.” Scammers took control of the fast-food chain’s social media and used it to advertise the fake token.

During the brief period the hackers had control, they claimed to have stolen $700,000 from users. A message, reportedly posted by the scammers, boasted that users had been “rug pulled by India_X_Kr3w,” visible to McDonald’s 5.1 million followers.

“Rug pulls” refer to fraudulent schemes where scammers create fake tokens and then abruptly withdraw funds, leaving investors with worthless assets. The hackers used this method to promote and then dump the GRIMACE token.

According to data from Pump.fun, the GRIMACE token’s market cap briefly surged to $20 million within 30 minutes of the hack. However, after the hackers sold off their holdings, the market cap plummeted to below $600,000.

McDonald’s quickly regained control of its Instagram account, but not before significant financial losses occurred due to the scam.