Charles Hoskinson, who’s behind the Cardano creation, went further and ruined $100 million worth of the meme coin “CHARLES.” An anonymous creator sent this memecoin to him but rather than keeping or using it Hoskinson decided to burn all the 900 billion tokens.
In his January 30, 2025 video, Hoskinson shared the news of the situation. The coin had no real value, such hype around it was all wrong, he said. Originally tokens for his popularity, Hoskinson has made it clear that just because it is popular doesn’t mean it has value. Once the market cap was as high as $6.7 million, but after the burn it became close to $525,000.
$Charles https://t.co/w6cuvYYjwl
— Charles Hoskinson (@IOHK_Charles) January 30, 2025
Hoskinson had created a special “burner wallet” and sent all the tokens inside it, so they burnt forever. He joked about it saying he was no longer the “founder” of the coin and people shouldn’t try to make fast money using his name. He wanted to send the clear message to: Never just follow the project that’s hyped up. Behind a project there should be someone and it should have a value.
This move stirred mixed reactions. Hoskinson came off as an honest man who wasn’t after making some meaningless bucks. However, some were upset because the burning of the tokens led to a crash in the price by 83% in the space of 24 hours.
This move stirred mixed reactions. Hoskinson, however, got some praise for being honest and telling the world he was not about to profit from something meaningless. Some people, however, were infuriated as burning the tokens made the price crash by 83% in just the next 24 hours.
While the controversy still rages, Hoskinson’s action nevertheless teaches an important lesson of his own: don’t go chasing hype, and always be careful in the crypto world. Meanwhile, the real value and long term growth continue to be put in focus by the Cardano blockchain.
Also read: ECB Chief Confidently Rejects Bitcoin as Reserve While Europe Considers Adoption
