{"id":10722,"date":"2025-01-31T15:01:42","date_gmt":"2025-01-31T15:01:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10722"},"modified":"2025-01-31T15:01:42","modified_gmt":"2025-01-31T15:01:42","slug":"cardano-founder-takes-unexpected-turn-with-charles-memecoin","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10722","title":{"rendered":"Cardano Founder Takes Unexpected Turn With CHARLES Memecoin"},"content":{"rendered":"
\n

Charles Hoskinson, founder of Cardano and CEO of Input Output (IOG), has publicly burned a massive trove of a memecoin named in his honor. The token, simply called CHARLES, made its way into Hoskinson\u2019s wallet after he showcased the Lace wallet<\/a> platform during a live demonstration. That demonstration involved creating a new Cardano wallet, backing it up with his PGP key, and briefly revealing the paper wallet on camera\u2014an act he intended as a display of Cardano\u2019s security capabilities rather than an invitation to distribute unsolicited tokens.<\/p>\n

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

Hoskinson expressed<\/a> disbelief that he would ever have to make such a video, stating, \u201cI never thought in my life y\u2019all would make a video forcing me to make a video like this, but you did.\u201d Although he initially joked about the possibility of malicious actors draining a newly exposed address, he stressed that in the current crypto landscape, especially in 2025, the more likely \u201cthreat vector\u201d is having arbitrary tokens airdropped into one\u2019s wallet.<\/p>\n

In this instance, the CHARLES token appeared out of nowhere and, to the community\u2019s surprise, quickly attracted substantial trading activity. According to Hoskinson, the token amassed a fully diluted market value of around $71 million and a 24-hour trading volume of over $5 million, all within a single day, leading to what he described as a \u201cmillion percent up\u201d flurry of speculation.<\/p>\n

Referring to the mania surrounding this memecoin, he said, \u201cBoy did you trade it\u2026 literally in a day, a million percent up, everybody\u2019s playing with it.\u201d Despite sitting on what many would interpret as a paper valuation worth tens of millions, Hoskinson showed little interest in leveraging or liquidating those tokens for personal gain<\/a>. Instead, he chose to destroy them through a public act of burning.<\/p>\n

He explained that he wrote a quick script, which his team member Lucas verified and refined, to send the tokens to a script address with no ability to retrieve funds\u2014a \u201cblack hole\u201d contract. Hoskinson demonstrated the process step by step, verifying the address, setting the total amount of around 900 billion CHARLES tokens (90% of the supply), and adding a note reading \u201cthanks for all the fish\u201d before entering his password to finalize the transaction.<\/p>\n

Once the tokens were sent, he shared on screen the outgoing transaction and remarked that destroying such an amount of nominally valued tokens cost him just 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, noting how quickly the token\u2019s market-tracked value had shifted, at one point surpassing $80 million in perceived worth. He acknowledged the irony: \u201cA lesser man would have found a way to slow drip that out, got a few million dollars here and there. I don\u2019t do that. Homie don\u2019t play that way.\u201d<\/p>\n

Throughout the demonstration, Hoskinson also showcased that he had tested the burning script with other tokens such as HOSKY and AGENT SNEK before carrying out the final burn<\/a> of the CHARLES tokens. As soon as the transaction appeared on the blockchain explorer, he confirmed the tokens were indeed gone, observing that \u201cthere\u2019s no way to pull funds out of it\u201d once they arrive in the burner script\u2019s address. At the end of the broadcast, he called upon the community not to repeat such stunts in the future, even if he admitted the spectacle of it all had been entertaining in a bizarre sense.<\/p>\n

At press time, Cardano traded at $0.95.<\/p>\n

\"Cardano<\/div>\n","protected":false},"excerpt":{"rendered":"

Charles Hoskinson, founder of Cardano and CEO of Input Output (IOG), has publicly burned a massive trove of a memecoin named in his honor. The token, simply called CHARLES, made its way into Hoskinson\u2019s wallet after he showcased the Lace wallet platform during a live demonstration. That demonstration involved creating a new Cardano wallet, backing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10722","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10722"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10722\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}