A new memecoin, PumpFun, has emerged, driven by a father’s quest to raise funds for his daughter’s rare brain cancer research. Launched on Thursday, this initiative has gained remarkable traction, quickly achieving an $80 million market valuation, demonstrating the potential impact of cryptocurrency fundraising.
How Does PumpFun Support Research?
Siqi Chen, the creator of PumpFun, shared that his daughter was diagnosed with a rare brain tumor last September and highlighted the urgent need for increased funding for research. He stated that the financial resources currently available are inadequate for significant advancements in her treatment.
What Funds Are Being Raised?
Chen’s GoFundMe campaign has successfully secured 80% of its $300,000 target, with all proceeds earmarked for the Hankinson Laboratory at the University of Colorado. This initiative aims to bolster research efforts and enhance understanding of rare brain tumors.
- PumpFun’s MIRA token gained substantial interest, with a rapid price increase from a few cents to 8 cents.
- The token’s market cap peaked at $80 million before experiencing an 80% drop.
- Positive community feedback indicates a broader trend towards socially responsible memecoins.
The MIRA token, which allows low-cost token creation, has also recorded impressive trading activity, with $85 million in transactions and over 130,000 trades in just one day. This highlights the potential for such tokens to achieve significant popularity and contribute positively to social causes.