A memecoin called Pump.Fun, which operates on a fun, engaging platform, saw a meteoric rise in its market value, reaching an $80 million market cap last Thursday. This unexpected surge was triggered by a heartfelt appeal from a father asking for donations to support research into his daughter’s uncommon brain cancer, which caught the attention of numerous cryptocurrency traders.
Although the cost of the MIRA token, named after the little girl, has dropped by around 80% since its peak on Thursday and is now only just above one cent, it’s worth noting that the initiative successfully raised over $1 million for the good cause.
Siqi Chen, the founder of Runway, a corporate finance planning app, shared on social media last Thursday about his daughter Mira’s diagnosis with a rare type of brain tumor. He stated that research and funding have been insufficient due to the rarity of the disease.
Chen’s crowdfunding campaign has already achieved 80% of its $300,000 goal, with all proceeds going directly to the Hankinson Lab at the University of Colorado for research. Chen also shared his Ethereum wallet details on the platform, adding his Solana and Bitcoin addresses when users requested more options.
This is when Pump.Fun came into play. The platform allows anyone to issue a token for less than $2, after which they can pick the number of tokens, theme, and accompanying meme image. Once the market capitalization of any token reaches $69,000, a portion of the liquidity is deposited into the Solana-based exchange Raydium and burned.
A Pump.Fun user launched the MIRA token with an image of Chen and his daughter, with the sole intention of it being a tradeable memecoin. From humble beginnings, the token’s popularity exploded when @Waddles_eth purchased half the supply and donated it to Chen, who then promoted the memecoin on his social media account.
The token’s value escalated from a fraction of a penny to 8 cents at its peak on Thursday, and its trading volume surpassed $85 million in over 130,000 transactions, making it the most popular small-cap in the last 24 hours.
The event has received an overwhelmingly positive response from the community, with many pointing out the potential of memecoins to contribute to positive outcomes in the world. Though often viewed as non-serious by professional investors, memecoins have seen an increase in demand over the past year compared to larger venture capital-backed crypto tokens.
In conclusion, while there’s no denying the volatility and unpredictability of memecoins, the story of MIRA token shows that they can also be a force for good, providing an unconventional but effective means to support worthy causes. As we head into the new year, the ‘crypto for good’ movement may well become a significant trend.
