An anonymous creator behind the ‘Charles’ meme coins had transferred 90% of its total supply to Cardano founder Charles Hoskinson, likely aiming to generate hype. Instead of engaging, Hoskinson swiftly sent the tokens to a burner address.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Cardano (ADA) founder Charles Hoskinson burned 900 billion ‘Charles’ meme coins that had been airdropped to him. The destruction of that staggering amount, which had an estimated value of $80 million, sent shockwaves through the market.
An anonymous creator behind the meme coin had transferred 90% of its total supply to Hoskinson, likely aiming to generate hype. Instead of engaging, he swiftly sent the tokens to a burner address, permanently removing them from circulation. The market reacted instantly — what once held a market cap of $6.7 million plunged to $574,000, according to Tap Tools.
Addressing the matter in a video on X on January 30, 2025, Hoskinson described the situation as absurd, expressing disbelief at the staggering quantity of tokens assigned to him.
“So I’m sitting on 900 billion of that. You’ve lost your damn mind,” Hoskinson said.
The emergence of the Charles meme coin originated from a paper wallet demonstration by Input Output, the research and development firm behind Cardano. During the showcase, Hoskinson asserted the wallet’s security, emphasizing that even public exposure of the QR code would not compromise its contents.
Before the burn, the fully diluted value of the Charles meme coin reached an astonishing $71 billion, driven purely by speculation with minimal liquidity in the market. Hoskinson justified burning the tokens as a demonstration of the contrast between hype and real value.
Declaring himself no longer associated with the coin, he emphasized a lack of personal financial interest, expressing frustration over the situation. Eliminating the tokens erased a potential multi-million-dollar windfall, reinforcing his claim of acting with integrity.
Crypto traders who had invested in the Charles token reacted negatively. The coin’s price plummeted by 72% within a single day, wiping out millions in market capitalization. Some community members voiced disappointment, arguing that funds could have been allocated to charitable causes or other constructive initiatives.
Conversely, had Hoskinson opted to sell instead of burn, accusations of betraying investors by profiting at their expense would have likely followed.
Designed in the style of meme-based coins like Hosky and SHARL, the token rapidly gained popularity within the Cardano community. Early speculation fueled an astronomical price surge of nearly 2,000,000%.
Source: Taptools
At its highest valuation, Charles token reached a market capitalization of $6.7 million with 769 holders. However, a significant token burn erased any prospects of a supply-driven price increase. The subsequent collapse in value left many investors questioning the rapid shift in market dynamics.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
