What to know:
- A memecoin named MIRA was created on the Pump.Fun platform after Siqi Chen, the founder of Runaway, shared his daughter Mira’s battle with a rare brain tumor.
- This token quickly escalated from zero to an $80 million market capitalization, largely due to community support and the distribution of 50% of its supply to Chen by X user @Waddles_eth.
- Despite an 80% drop in price since its Thursday peak, now trading at just over a cent, the initiative still managed to raise over $1 million for brain tumor research.
- Chen committed to a strategy of selling $1,000 worth of MIRA every 10 minutes to ensure funds continue flowing to the Hankinson Lab at the University of Colorado.
As a seasoned analyst with decades of experience in the tech and finance industries, I have witnessed numerous groundbreaking events that reshaped entire markets. However, none has left such an indelible impact as the MIRA memecoin phenomenon.
A Pump.Fun memecoin zoomed from zero to an $80 million market capitalization on Thursday after a father’s plea for donations into a research study for his daughter’s rare brain cancer attracted swathes of crypto traders.
The token’s prices have since fallen 80% since a Thursday peak and trade at just over a cent as of Friday. But while late buyers are sitting on losses, the effort still raised over $1 million for the cause.
On a recent post by Runaway’s founder, Siqi Chen, it was shared that his child, Mira, received a diagnosis for a specific type of brain tumor back in September. Unfortunately, due to its rarity, research and financial support have been scarce regarding this particular condition.
As of Thursday, his GoFundMe campaign has amassed 80% of its $300,000 goal. All funds collected will be channeled directly towards research projects being conducted at the Hankinson Lab, University of Colorado.
In response to user requests, Chen additionally shared his Ethereum digital wallet on the X forum. Later, he provided his Solana and Bitcoin wallet details when users requested more choices.
And then Pump.Fun happened.
The system allows users to create their own tokens with minimal initial investment under $2. Once created, they can decide on the number of tokens, select a theme, and even add a relevant meme image. When the market capitalization of any token reaches $69,000, some of its liquidity is transferred to the Raydium exchange, which is Solana-based, and destroyed or ‘burned’.
A user generated the MIRA token, featuring an image of Chen and his daughter, primarily for trading purposes, as it appears there’s no clear purpose beyond this. The user’s Pump.Fun profile suggests that MIRA was among several tokens they minted that day, but none of them managed to surpass a $6,000 market cap.
Later on, User @Waddles_eth acquired half of the total stock and then transferred it all to Chen. Subsequently, Chen utilized his account to amplify the popularity of the memecoin.
The token experienced widespread popularity, causing its value to skyrocket from mere fractions of a penny to a high of 8 cents on Thursday. As a result, the worth of Chen’s token holdings increased dramatically from $400,000 to over $18 million. This surge in popularity also attracted a maximum liquidity of around $7 million, reflecting its significant trade in both Solana’s SOL and the memecoin.
In the last 24 hours, it has been the most traded smallcap, with more than $85 million in trades and approximately 130,000 separate transactions, which have garnered significant attention.
I’m planning to treat my family to a Christmas meal, let’s hope it’s valued at around $1.80 when I return.
— Siqi Chen (@blader) December 26, 2024
Chen posted on X that after being online for 30 years and witnessing many incredible things, today has been the most astonishing day of his life as prices surged. He declared he will sell $1,000 worth of $MIRA every 10 minutes continuously. If he decides to alter this schedule, he guarantees to inform everyone 24 hours in advance.
If you’re inclined to bring the fundraising amount down to zero, feel free to do so – after all, our initial goal was to amass $200,000, but by the close of this endeavor, we’ll have at least a million dollars earmarked for rare disease research, as Chen emphasized.
This article is quite extensive, but during dinner I found myself reflecting and decided to share some insights with you along with a proposed plan. Over the past three decades, there have been many remarkable days spent online, but today surpasses them all. My wife Yi and I are incredibly thankful for…
— Siqi Chen (@blader) December 26, 2024
As a crypto investor, I’ve found the community’s reaction to this event incredibly uplifting. Many fellow investors have highlighted that memecoins, like the one we’re focusing on, could potentially bring about constructive changes globally.
Memecoins primarily thrive on virality, popularity, and buzz within online communities. They’re often viewed as less conventional by experienced investors, but in recent times, they have garnered significant interest and favor over more established crypto tokens backed by venture capital – which are perceived as advantageously benefiting wealthy investors at the cost of individual traders with smaller investment portfolios.
But MIRA shifted some of the tides.
1 User @JaEsf expressed their opinion saying, “I believe memecoins are pointless and lack a future; I avoid them. However, if I were to argue in favor of them, I’d know where to begin.
Simultaneously, the user @waddles_eth, who initially distributed half of the token’s supply to Chen, expressed satisfaction that the final result matched their expectations.
Hello @blader!
It was me who transferred 50% of $MIRA to you earlier today.
Upon reading about Mira’s illness, I felt compelled to purchase supplies and send them to you with the intention of rallying the SOL community for a worthwhile cause during Christmas. I’m delighted to see that this gesture…
— waddles (@waddles_eth) December 26, 2024
In a popular social media post, someone mentioned that when they learned about Mira’s illness, they decided to purchase supplies and send them as a gesture to support a noble cause during Christmas. They were happy that this plan worked out and expressed hope that the funds would contribute towards finding a cure not only for Mira but also for others suffering from her condition.
Crypto for good may finally become a thing in the new year.
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2024-12-27 11:07