The memecoin $MIRA, created to support brain tumor research, recently reached an $80 million market cap. While its value has dropped, the project raised over $1 million for a crucial cause.
The Story Behind $MIRA
In September 2024, Siqi Chen, founder of the finance platform Runway, shared a personal tragedy: his 4-year-old daughter Mira was diagnosed with a rare brain tumor, craniopharyngioma. Although benign, the tumor's location presented significant risks. After successful surgery, Chen focused on encouraging contributions to children's brain tumor research. Unexpectedly, a Solana memecoin, $MIRA, became the centerpiece of this fundraising effort.
How $MIRA Took Off
The initiative gained momentum when an anonymous X user, Waddles, created the $MIRA token on the Solana blockchain, sending half the token's supply to Chen and rallying the Solana community to support the cause. The memecoin quickly gained attention, with traders joining to back the mission. Chen pledged to donate 100% of the funds raised to research efforts at the Hankinson Lab at the University of Colorado, adopting a transparent approach of liquidating 1% of his holdings daily and sharing updates on social media.
The Unprecedented Growth
The $MIRA token's value soared as the story captured attention on X (formerly Twitter). Market data revealed a market cap peak of $80 million, with trading volumes exceeding $100 million. Chen's holdings alone surpassed $14 million at the token's apex. The funds raised far exceeded expectations, with over $1 million earmarked for rare disease research.
Despite $MIRA's value decreasing significantly, the project met its charitable goal, raising substantial funds for rare disease research. The crypto community celebrated the initiative, highlighting that memecoins can be used for meaningful impact.
