{"id":7997,"date":"2025-01-31T16:50:36","date_gmt":"2025-01-31T15:50:36","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=7997"},"modified":"2025-01-31T16:50:36","modified_gmt":"2025-01-31T15:50:36","slug":"cardano-creator-ventures-into-the-memecoin-space-with-charles","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/31\/cardano-creator-ventures-into-the-memecoin-space-with-charles\/","title":{"rendered":"Cardano Creator Ventures into the Memecoin Space with CHARLES"},"content":{"rendered":"

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Charles Hoskinson, creator of Cardano and CEO of Input Output (IOG), has publicly incinerated a significant cache of a memecoin named after him. The token, simply referred to as CHARLES, found its way into Hoskinson\u2019s wallet after he demonstrated the Lace wallet<\/a> platform in a live presentation. This presentation involved establishing a new Cardano wallet, securing it with his PGP key, and briefly displaying the paper wallet on camera\u2014an action he meant as a showcase of Cardano\u2019s security features, not an invitation to distribute unsolicited tokens.<\/p>\n

Cardano Founder Incinerates $80 Million<\/h2>\n

Hoskinson voiced<\/a> astonishment that he would ever need to create such a video, stating, \u201cI never imagined in my life that y\u2019all would compel me to make a video like this, but you did.\u201d Although he initially joked about the risk of malicious individuals exploiting a newly exposed address, he emphasized that in the present crypto environment, particularly in 2025, the more probable \u201cthreat vector\u201d is having arbitrary tokens airdropped into a wallet.<\/p>\n

In this case, the CHARLES token materialized unexpectedly and, much to the community\u2019s astonishment, rapidly garnered significant trading activity. According to Hoskinson, the token accumulated a fully diluted market capitalization of approximately $71 million and a 24-hour trading volume exceeding $5 million, all within a single day, resulting in what he characterized as a \u201cmillion percent up\u201d wave of speculation.<\/p>\n

Commenting on the frenzy around this memecoin, he remarked, \u201cWow, you really traded it\u2026 literally in a day, a million percent up, everybody\u2019s engaging with it.\u201d Despite holding what many might perceive as a paper valuation worth tens of millions, Hoskinson displayed minimal interest in utilizing or liquidating those tokens for personal benefit<\/a>. Instead, he opted to eliminate them through a public burning act.<\/p>\n

He clarified that he created a quick script, which his team member Lucas validated and improved, to send the tokens to a script address with no option to recover funds\u2014a \u201cblack hole\u201d contract. Hoskinson walked through the process step by step, confirming the address, setting the total quantity of around 900 billion CHARLES tokens (90% of the supply), and adding a note that read \u201cthanks for all the fish\u201d before entering his password to complete the transaction.<\/p>\n

Once the tokens were dispatched, he shared the outgoing transaction on screen and noted that incinerating such a significant number of nominally valued tokens cost him merely 1.42 ADA in network fees. \u201cI think this is the first time in my life I\u2019ve ever burnt $60 million, $70 million, $80 million of value,\u201d he said, highlighting how swiftly the token\u2019s market-tracked valuation had altered, at one point exceeding $80 million in perceived value. He recognized the irony: \u201cA lesser individual would have discovered a method to slowly release that, earning a few million dollars here and there. I don\u2019t operate that way. Homie don\u2019t play that way.\u201d<\/p>\n

During the demonstration, Hoskinson also revealed that he had tested the burning script with other tokens like HOSKY and AGENT SNEK before executing the final incineration<\/a> of the CHARLES tokens. As soon as the transaction appeared on the blockchain explorer, he confirmed the tokens were indeed eliminated, observing that \u201cthere\u2019s no method to extract funds from it\u201d once they reach the burner script\u2019s address. At the conclusion of the broadcast, he urged the community not to engage in such antics in the future, although he acknowledged that the spectacle had been oddly entertaining.<\/p>\n

At the time of reporting, Cardano was valued at $0.95.<\/p>\n

Cardano encounters resistance at the 0.382 Fib, 1-day chart | Source: ADAUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image generated with DALL.E, chart from TradingView.com<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Charles Hoskinson, creator of Cardano and CEO of Input Output (IOG), has publicly incinerated a significant cache of a memecoin named after him. The token, simply referred to as CHARLES, found its way into Hoskinson\u2019s wallet after he demonstrated the Lace wallet platform in a live presentation. This presentation involved establishing a new Cardano wallet,<\/p>\n","protected":false},"author":3,"featured_media":7998,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[1089],"class_list":["post-7997","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-cardano-founder-takes-unexpected-turn-with-charles-memecoin-gpt"],"yoast_head":"\nCardano Creator Ventures into the Memecoin Space with CHARLES - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/31\/cardano-creator-ventures-into-the-memecoin-space-with-charles\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano Creator Ventures into the Memecoin Space with CHARLES - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Charles Hoskinson, creator of Cardano and CEO of Input Output (IOG), has publicly incinerated a significant cache of a memecoin named after him. 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