Cardano Founder Burns 900 Billion ‘Charles’ Meme Coins, Market Value Plummets
Charles Hoskinson, founder of Cardano, burned 900 billion 'Charles' meme coins valued at approximately $80 million. This action followed an airdrop where 90% of the coin's total supply was transferred to him, likely to create hype. Instead, he sent the tokens to a burner address, leading to a market cap decline from $6.7 million to $574,000.
Key points:
- The burn occurred on January 30, 2025, and was addressed by Hoskinson in a video.
- Before the burn, the meme coin saw a speculative peak valuation of $71 billion.
- Hoskinson distanced himself from the coin, stating he had no personal financial interest and acted with integrity.
- The coin's price fell by 72% in one day, resulting in significant losses for investors.
- The token had previously surged nearly 2,000,000% in the Cardano community.
- At its peak, the Charles token had 769 holders and reached a market cap of $6.7 million.
Source: Taptools