Originally published on: December 18, 2024
A parody X account, supposedly owned by a former trader named Richard E. Ptardio, made headlines recently for donating memecoins inspired by him to charity after the tokens peaked at nearly $1 million in value.
The account received a massive 700 million Richard Ptardio (PTARDIO) tokens on December 17, which were generated through the Solana token creator Pump.fun. Initially valued at $53,250, the holdings skyrocketed by 1,765% within hours to reach almost $1 million.
Ptardio, seemingly taken aback by the sudden windfall, promptly distanced himself from the project on X, stating that the token creator acted without his knowledge or consent. He decided to sell his position and donate all the proceeds to Save the Children, a charity dedicated to supporting children’s education, health, and welfare worldwide.
Despite the token’s value decline, Ptardio managed to contribute 313.4 Solana (SOL) worth $69,000 to the charity, showcasing his commitment to giving back.
The Ptardio account, portraying an elderly gentleman claiming extensive experience in global trading, had only recently delved into the crypto world. Advocating for memecoin investments, Ptardio emphasized the unconventional nature of these tokens and how they stir real market movements, suggesting that bold decisions often yield greater rewards than logical ones.
Within a mere 20-hour span, PTARDIO ascended to a peak market capitalization of $4.75 million before plummeting to $258,000, as observed on GeckoTerminal.
In the broader memecoin market, estimated at $128.2 billion, perennial favorites like Dogecoin (DOGE) and Shiba Inu (SHIBA) reign supreme with market caps of $57.9 billion and $15.4 billion, respectively, according to CoinGecko data.
The charitable act by the Parody X account not only highlights the unpredictable nature of memecoins but also underscores the positive impact these digital assets can have on philanthropic causes. Stay tuned for more intriguing stories from the crypto space as we navigate the dynamic world of decentralized finance.
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