Memecoin MIRA: Promoting Humanity or Taking Advantage of Community Mercy?

The touching story of baby Mira and the MIRA memento, which once touched the crypto community, has now turned into a drama full of surprises. Siqi Chen, Mira's father, is facing charges of rug pulling behavior and concealing the past.

The story began when Siqi Chen created a GoFundMe campaign to raise $300,000 for research into the rare brain tumor of his daughter, Mira. Mira's condition was diagnosed as adamantinomatous craniopharyngioma, a benign tumor that causes serious health effects.

On Christmas Eve, a stranger unexpectedly creates the MEMECOIN MIRA on the Solana blockchain to aid research. Chen was sent 50% of the total token supply, equivalent to $400,000.

The token quickly rose in value as the crypto community buoyed, pushing MIRA's market capitalization to nearly $80 million at ATH. Chen partially sold tokens and donated more than $1 million to the research lab.

Chen was hailed as a humanistic icon in the community at the time. However, the matter does not stop here.

After the MIRA story subsided, Chen issued a new token called zero from the same wallet address that had previously received donations. Chen claimed that the token was “going to zero, don't buy it,” but the community flocked to buy it, causing the market cap of “zero” to reach more than $6 million in just one hour.

Chen then sold 40% of the total token supply, collecting 444 SOL ($85,000), causing the token price to drop 80% immediately.

Although Chen quickly apologized and bought back the tokens to burn, the action raised questions about his real motive. Many people question whether issuing tokens is a way of personal gain, taking advantage of community trust.

Under Blader's apology comments, on-chain detective ZachXBT provided detailed evidence of Siqi Chen's suspicious activity. Chen is alleged to have bought tokens and sold tokens for a previous project using the same procedure. The information further clarifies Chen's past behavior in crypto transactions and reinforces suspicions that he has repeatedly carried out organized rug pulls.

Chen once described himself as a “newbie” in crypto, but evidence on the blockchain has revealed the opposite. Chen is said to have been involved in crypto investing since 2021 or earlier, owning a collection of more than $242,000 worth of NFTs, including Azuki, Doodles, and MAYC. Chen also spent $340 in gas fees to receive a $190,000 airdrop.

Chen's actions sparked a flurry of mixed opinions in the community. Some people still see donating more than $1 million to brain tumor research as something worthwhile.

However, many others argue that Chen took advantage of the community's trust to profit through the issuance and release of new tokens. Whatever the case, this drama is a reminder of the delicate line between compassion and exploitative behavior in the crypto world.