In 2024, meme coins, a key trend in the crypto market, extended beyond profits, illustrating their potential for substantial social contributions. Siqi Chen, founder of Runway, revealed this through the creation of the MIRA token, a poignant example of meme coins' purposeful application.
In September 2024, Siqi Chen unveiled the challenging news that his young daughter Mira had been diagnosed with craniopharyngioma, a rare and critical brain tumor.
Despite being benign, its location was perilous. However, following surgery, Mira's health improved.
Friends and supporters encouraged raising funds for Mira. Yet, Chen opted to direct donations to a children’s brain tumor fund. Unexpectedly, a user named Waddles created a meme coin called MIRA on the Solana network to bolster research efforts, donating half its supply to Chen.
Waddles stated their intention to align the Solana community with this noble cause during Christmas, hoping the funds would aid in researching a cure for conditions like Mira's. Chen assured the public all proceeds would go toward research, selling 1% of MIRA holdings daily while documenting the transactions. Instead of depreciating, the token's value soared, elevating Chen’s total holdings to over $14 million.
The rise surprised Chen, who quipped on the complexities of "magic internet money." As the story gained traction, data from GeckoTerminal showed MIRA's market cap crossing $80 million with trading volumes over $100 million. The token's success was driven not just by fear of missing out (FOMO) but by genuine societal contribution.
Amidst this, Chen reminded the community that any misuse of MIRA funds detracts from essential research for rare diseases, as he retained none of the funds for personal use. Unfortunately, fake tokens featuring Chen’s family images have surfaced on Pump.fun, highlighting risks in the space.
MIRA’s dramatic price increase underscores Vitalik Buterin's assertion that meme coins can make significant societal impacts.