MEXC’s Historic Give-In to Grimace: A Multimillion-Dollar Tale
On December 19th, Grimace pulled off a real New Year’s treat for themselves, making his followers millions richer. This whole big giveaway was because MEXC, the exchange, decided to put the token up for futures trading without asking the community.
Breaking Down the Conflict
In early 2023, Grimace came onto the crypto scene and quickly became a big deal, making lots of money for the people who got in early. These folks didn’t just keep the money; they gave a lot to charity too. They were literally giving away money on the streets and putting up big cash prizes for all sorts of competitions, from poker and chess to video games and rap battles.
Grimace first hit the MEXC exchange on June 12, 2023. Community supported the listing and started accumulating Grimace deposits there. But then, in October, MEXC put Grimace up on its futures market without getting the okay from the community. This move was a big no-no and wasn’t what the Grimace team had planned at all.
When trying to talk it out didn’t work, a key figure in the Grimace community, Odysseus, told everyone to take their tokens off MEXC and put them on BitGet instead. This move almost emptied MEXC’s trading list, with their share of Grimace tokens dropping from 40% to just 1.5%.
MEXC didn’t really respond, so Odysseus came up with a plan. He advised people to set up certain trades on Grimace futures, expecting the price to go from $45-46 down to below $40. Then he made the price drop and shot it up to $90. This big move was easier because not much was happening in the regular market.
MEXC’s bot, which is supposed to make money from price changes, ended up losing everything, and the Grimace community benefited.
This stunt cost the exchange a few hundred thousand dollars. After this, MEXC’s bosses got in touch with the Grimace team. But they didn’t remove Grimace from the futures market, leading to more bold moves and a big showdown later.
December 19th – Grimace Community’s Big Victory
That night, Odysseus announced a live stream on the INV TRADING channel.
He planned to make an even bigger New Year’s miracle live, aiming to make his viewers much richer, all on the exchange’s tab.
He set up trades between $35-45 and then increased the price all the way to $358 per token. This move made a lot of money for his viewers, especially those who used leverage.
Meanwhile, in the regular market, the price went up to $852. MEXC’s bot couldn’t keep up because it was out of cash, so Odysseus’s viewers and INV TRADING took advantage.
Soon, even the platform struggled to show the correct profit percentages because of the huge increase.
Just an hour after all this, they announced Grimace would be delisted. Usually, you get a week or a month’s notice, but this time, people had less than two days to sort everything out.
This marked a clear victory for Grimace. We’re going to keep watching what happens next with this very active crypto community: https://twitter.com/GrimaceOdysseus.
