Cardano founder Charles Hoskinson burned $100 million worth of a meme coin named after him, emphasizing that hype doesn’t equal value in the crypto space. This bold move sparked discussions about celebrity-influenced tokens.
The Meme Coin That Got Burned
So, here’s the deal: someone created a meme coin called “CHARLES,” obviously trying to ride on Hoskinson’s fame. They airdropped a whopping 900 billion of these tokens to Hoskinson, hoping he’d pump it up just by being associated with it. The source indicated that this move was an attempt to capitalize on his name. Instead of playing along, Hoskinson did something totally unexpected. During a live stream, he sent all those 900 billion CHARLES coins – worth about $100 million – to a burner wallet, essentially destroying them. He even joked about having all those tokens before calling the whole thing absurd and questioning why people would create such a thing! Can you imagine? The source explained that this action temporarily inflated the token’s value to a fully diluted market cap of $71M with an impressive $5.14B trading volume before he burned them off!
Why Torch $100 Million?
Now you might be wondering, why would anyone burn that much money? Well, Hoskinson made it clear: he didn’t want Cardano’s reputation tied to some random meme coin just because it had his name on it. The source revealed that he believes hype doesn’t equal real value in crypto and strongly advised people not to blindly follow projects without doing their own research. It wasn’t enough for him to simply ignore the meme coin; burning it sent a strong message emphasizing the need for substance over hype in cryptocurrency investments . According to the founder himself, this was necessary “to maintain Cardano’s reputation as a blockchain project.” After torching the tokens live on stream Hoskinson jokingly said “So I am no longer a founder of this coin I suppose congratulations So anyway don’t do that again you bastards.” This sparked mixed reactions from the community where many praised his stance against celebrity-influenced cryptocurrencies while others criticized his perceived arrogance. Regardless of one’s opinion on Charles’ actions they certainly got people talking about responsible investing in cryptocurrency!
Source: Crypto | Bitcoinethereumnews.com
