MIRA, a newly launched meme coin had exponential growth in the market in a matter of hours. This rapid surge has led to its market cap going through the roof. The MIRA is a meme coin based on the Solana blockchain. It was created for four-year-old Mira Chen, who is currently suffering from a rare brain tumor. In this article, we will look more into Little Mira and the reason behind the coin’s outbreak in the market.

MIRA Coin Origin

Mira Chen is a 4-year-old girl who is currently battling a terrifying case of a rare brain tumor. The little girl is the daughter of Siqi Chen, who is the co-founder and CEO of Runway. She was diagnosed with Adamantinomatous Craniopharyngioma in September before her second birthday. From there the battle between little Mira and the cancer started and is continuing even now.

This incredible resilience showcased by the little girl has caught the attention of various crypto enthusiasts. That’s how the new meme coin came into being. A crypto trader on seeing the news created a Solana meme coin after her and then sent half of the token’s supply to her father. The value of the token rose rapidly from there, with its market cap soaring above $80 million in just 5 hours from its launch.

Crypto Rally For The Little Girl

The MIRA meme coin was launched on the 26th of December on the Solana blockchain to raise funds for little Mira. This initiative was undertaken by a trader whose identity is not known at this point. Within just hours after its launch, the coin market’s market cap has soared past the $70 million mark and even climbed as high as $80 million. There were even reports of the trading volume crossing the $170 million mark.

The main aim behind the coin’s creation is to support Mira’s treatment and for this reason, the creator has sent half of the total supply to Mira’s father. This amounts to about 500 million MIRA tokens. The funding is to be used for the research into the Hankison Laboratory, which is the only one in the country that is currently researching the rare disease that Mira was diagnosed with. 

MIRA Coin Current Market Performance

The token launched on the 26th of this December, gained significant traction in the crypto market upon its release.  Currently, the token is trading at a market value of $0.01938, recording an all-time high of $0.0529 shortly after its release. As of now, there is a significant decline in its market value. Based on this, we can conclude that the coin is currently shifting to a bearish trend in the market.

The current market capitalization of the coin is $19.3 million. However, the trading volume surrounding the MIRA token for the last 24 hours has exceeded $140 million. The total circulating supply of the MIRA token is as high as 1 billion. Out of this, 1 billion, only 250 million tokens are circulating. The current market sentiment regarding the token is highly positive due to the philanthropic nature of the cause behind it.

Challenges & Concerns Surrounding The MIRA Token

Even though the MIRA coin was created with good intentions, there are still many challenges and concerns regarding the meme coin. Out of this, the major two concerns include liquidity and the volatility surrounding the token. Just like many meme coins, the MIRA token is also susceptible to the high volatility surrounding the meme coins.

The next major challenge is the liquidity issue. Even though the meme coin has managed to raise a significant amount of money, there are still concerns about the coin’s liquidity. This may cause a major issue for Chen as he needs to convert his share of the MIRA token to put it into research.

Final Remarks

The MIRA token is a one-of-a-kind meme token that was created for philanthropic purposes. It also allowed many investors to partake in a heartfelt cause. Even though the coin has remarkable success during its initial phase, there is still a probability that the coin may lose this progress in the coming days. There are also major concerns regarding the liquidity surrounding the meme token. As of now, we can only wait and see what will unfold in the crypto market and how the token will be of use to little Mira.