Meme's HAPPY-SCI sought endorsement through a $420,000 "donation," which was subsequently burned, leaving its $4 million market capitalization nearly ...
TL;DR
The Happy-Sci project launched a meme token HAPPY-SCI, which raised $420,000 in donations that were later burned by the founder, causing its market cap to drop from $4 million to $160,000 due to lack of official endorsement.
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On January 14, Siyuan (@cyodyssey), a member of YZi Labs, launched the Happy-Sci project, a purely public welfare project launched at the end of 2024. The project aims to provide unconditional small donations (usually about 200 USDT per person) to PhD students and young researchers around the world through BNB Chain, to alleviate research pressure and spread "happiness" and support.
Recently, the community issued an unofficial meme token, HAPPY-SCI, based on this. This meme token has a 3% transaction tax, which is claimed to be used entirely for donations to the original charitable address (a wallet controlled by Siyuan). The community quickly hyped it up, with some users comparing it to "the second GIGGLE." Its market value once approached $4 million, and the donation address received approximately $420,000 worth of BNB.
Siyuan subsequently reiterated that Happy-Sci was a non-public fundraising charity project that would not issue its own token, and burned approximately $420,000 worth of BNB. Following this, the unofficial meme token HAPPY-SCI, lacking official endorsement, saw its market value plummet to $160,000.
BlockBeats reminds users that Meme coins have few real-world use cases and their prices fluctuate greatly, so investment should be approached with caution.