A new memecoin named PumpFun has been launched, initiated by a father seeking to support research for his daughter’s rare brain cancer. The fundraising campaign has resonated widely among cryptocurrency enthusiasts, reaching a market value of $80 million shortly after its release on Thursday.
Memecoin for Donations
Siqi Chen, the founder of PumpFun, revealed that his daughter was diagnosed with a rare brain tumor in September and that the financial resources for research were insufficient. He emphasized the need to enhance efforts for advancements in her condition.
The MIRA token, created on the PumpFun platform, was launched featuring a photo of Chen and his daughter, gaining significant interest quickly. The value of the token surged from a few cents to 8 cents, while the market capitalization rose to $80 million. However, the price of the token subsequently dropped by 80% from its Thursday peak, trading above one cent on Friday.
Funds Raised and Research Initiatives
Chen’s GoFundMe page reached 80% of its $300,000 goal, with all proceeds directed to research efforts at the Hankinson Laboratory at the University of Colorado.
“I’ve been in the internet world for 30 years and have seen many things, but this is the craziest day of my life.” -Chen.
PumpFun allows users to create tokens at low costs, and as the token’s market value reached $69,000, some of it was invested in and burned on the Raydium exchange. This mechanism contributed to the token’s viral success and resulted in significant trading volume.
With an impressive trading volume of $85 million and over 130,000 transactions in the last 24 hours, MIRA token emerged as the most popular low-market-cap token. The positive feedback from the community suggests that such memecoins can produce beneficial outcomes globally.
The rapid rise and subsequent decline of MIRA token highlight the impact of emotional fundraising campaigns in the cryptocurrency market. The allocation of raised funds towards research indicates that memecoins can be utilized for social good. Such initiatives could signal the beginning of a positive trend within the crypto world.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
