I've seen some wild things in the crypto space, but this one takes the cake. The MIRA memecoin saga with Siqi Chen and his ZERO token is a textbook example of why you should never blindly FOMO into tokens—even if they come from a well-known developer.
The Experiment
So, here's the scoop: Siqi Chen decided to launch a test token called ZERO on a Solana-based meme coin platform. Now, this wasn't your run-of-the-mill crypto token. The description was crystal clear: "It does nothing and never will. It is worth zero."
Despite the blatant warning, people went wild over it. One whale even dropped $208,900 on the token.
The Rise and Fall
At first, the token skyrocketed, gaining 178% since its inception on December 30. The trading volume was insane—$32 million—pushing its market cap over $710,000. But of course, this was just a mirage. In mere hours, it dropped nearly 70%, only to recover a small amount after that.
This whole thing showcases the utter chaos and speculative fervor that characterizes crypto trading. Even with the explicit warning, the “get-rich-quick” mentality kicked in for many.
The Aftermath
Siqi Chen, for his part, didn't see this coming. He admitted he was taken aback by the popularity of the token and by the fact that people ignored the warning. He sold 40% of the supply for 444 SOL, only to later buy it back and burn the tokens to help clean up the mess.
And in a gesture of goodwill—or maybe PR—he said he would refund those who lost money using his own funds, separate from the MIRA wallet. He also mentioned airdrops for the victims.
The Bigger Picture
But let's not forget: this isn't the first time we've seen this kind of chaos. Mark Longo, the owner of the internet-famous Peanut the Squirrel, faced a similar issue when he launched a rival memecoin, $JUSTICE.
These situations serve as a reminder that the crypto world is a speculative minefield. Token creators should tread lightly and be mindful of their responsibilities to investors.
