A new memecoin has been launched on PumpFun. A donation campaign launched by a father for his daughter’s rare brain cancer received widespread attention among crypto investors. It went from zero to a market cap of $80 million on Thursday.
Meme Coin for Donation
Runaway founder Siqi Chen stated that her daughter was diagnosed with a rare brain tumor in September, leaving her insufficient for research expenses. He emphasized that efforts for his daughter’s situation should be increased.
MIRA token, created on the PumpFun platform, was launched with the photo of Chen and his daughter and attracted wide attention in a short time. While the value of the token increased from a few cents to 8 cents, its market value reached 80 million dollars. However, the token’s price has fallen 80% from its peak on Thursday and is trading over a cent on Friday.
Collected Funds and Research Studies
Chen’s GoFundMe page has reached 80% of its $300,000 goal, with all proceeds going directly to research efforts at the University of Colorado Hankinson Laboratory.
“I’ve been in the internet world for 30 years and I’ve seen a lot of things, but this is the craziest day of my life.” -Chen.
While PumpFun allows users to create tokens at a low cost, when the token market value reaches $69,000, a portion is deposited into the Raydium exchange and burned. This mechanism enabled the token to go viral and generate massive trading volume.
MIRA token has become the most popular small market cap token in the last 24 hours, with a trading volume of $85 million and over 130,000 transactions. Positive feedback from the community indicates that such memecoins can have positive consequences in the world.
The rapid rise and subsequent decline in value of the MIRA token demonstrates the impact of emotional fundraising campaigns on the cryptocurrency market. Transferring the collected funds to research studies revealed that memecoins can be used to provide social benefit. Such initiatives could be the beginning of a new positive trend in the crypto world.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
