Cardano’s Hoskinson Torches ‘Charles’ Meme Coin in Live Burn

Cardano founder Charles Hoskinson destroyed 900 billion unsolicited “Charles” meme tokens during a live broadcast, calling the act a stand against crypto’s “chaotic” culture.

The tokens, sent to his wallet after he accidentally exposed backup keys during a demo, held a book value of $80 million. Hoskinson burned them using a custom script at a cost of just 1.42 ADA ($1.38).

The January 30 burn, executed live via a public wallet address, underscored Hoskinson’s refusal to profit from the situation.

A “Charles” Meme Coin Emerges

The “Charles” token, an unsolicited meme coin created by the community, quickly gained traction following an accidental exposure of Hoskinson’s backup wallet during a demonstration.

The community saw an opportunity and flooded the wallet with various tokens, including “Charles.” In a matter of hours, the token gained substantial trading volume, making it one of the most talked-about new coins in the market.

Hoskinson, who had amassed 900 billion of the tokens, found the situation far from amusing. While the coins were worthless in terms of liquidity, their popularity was undeniable.

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The market responded with a massive spike, but Hoskinson was having none of it. During the live broadcast, Hoskinson used a script developed by his team to send all 900 billion tokens to a burner address, effectively destroying them in real time. The burn transaction was completed for just 1.42 ADA—worth only a few cents at the time.

In a lighthearted moment, Hoskinson quipped that he had wiped out $80 million in book value with the move. However, the gesture was a serious one.

Big No No to Meme Coins By Charles

In his words, it was his way of showing the community that he would never try to profit from such a situation. The Cardano founder went on to warn the crypto community, “Don’t do that again.” He addressed the impulsive and chaotic nature of meme coin creation.

Meme coins have become a common feature of the market, often created with little regard for long-term value or sustainability. The incident served as a reminder that these actions, though often seen as harmless, can have real-world consequences.

In the case of “Charles,” the tokens were essentially worthless. However, their rise reflected a pattern seen across the crypto market, where tokens can gain value and attention without any real backing.

Hoskinson’s decision to burn the tokens also reflected his commitment to the principles of integrity and decentralization that are central to Cardano. By destroying the meme coin, he was sending a message about the importance of maintaining a solid foundation in the crypto world, where speculation and opportunism often dominate.

Cardano (ADA) Set to Rally?

As Hoskinson’s live burn made waves, Cardano itself is drawing attention for a different reason. ADA token has long been a top player in the cryptocurrency space. It is nearing the end of a consolidation phase.

According to seasoned cryptocurrency analyst Ali Martinez, Cardano (ADA) is primed for a significant price increase. Martinez, known for his insights on market trends, predicts a 40% price surge in the coming months.

He points to a Symmetrical Triangle pattern forming on the four-hour timeframe. This typically signals the end of consolidation and the start of a powerful price move.

The ADA price has been consolidating for nearly two months, with a potential breakout imminent. Martinez believes ADA is set to exit the triangle near the $1.00 mark. It has a target price of $1.40 by March 2025.

As of press time, Cardano is trading at $0.969, with a slight 0.88% increase in the past 24 hours. This price movement, while modest, suggests that the market may soon witness a breakout as ADA moves toward its next phase.