The post This Memecoin Just Raised $1 Million For Rare Cancer Research After a Father’s Plea appeared on BitcoinEthereumNews.com.

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. In an X post on Thursday, Runaway founder Siqi Chen said his daughter Mira was diagnosed with a type of brain tumor in September and that research and funding had “been lacking” because of how rare the condition was. His GoFundMe page has raised 80% of its $300,000 target as of Thursday, with all proceeds going directly to research efforts at the Hankinson Lab at the Univerity of Colorado. Chen also posted his Ethereum wallet on the X thread after user demand, later putting his Solana and Bitcoin addresses as users asked for more options. And then Pump.Fun happened. The platform lets anyone issue a token for less than $2 in capital, after which they choose the number of tokens, theme, and meme picture to accompany it. When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned. (Pump Fun) A user created the MIRA token attached with a picture of Chen and his daughter, with no apparent objective except it being a token that can be traded just like any other memecoin. The user’s Pump.Fun profile shows MIRA was just one of the several tokens they created that day, with all the others failing to break a $6,000 market cap. X user @Waddles_eth later purchased 50% of the supply and sent all of it…

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Filed under: News - @ December 27, 2024 8:16 am