Meme coin HAPPY-SCI's attempt to seek endorsement by "donating" $420,000 was destroyed, with its $4 million market cap nearly wiped out.

BlockBeats News, January 14, YZi Labs member Siyuan (@cyodyssey) launched the purely charitable project Happy-Sci at the end of 2024. The purpose is to provide unconditional small donations (usually about 200 USDT per person) to PhD students and young researchers worldwide via BNB Chain, aiming to alleviate research pressure and spread "happiness" and support.

Recently, the community issued an unofficial meme token called HAPPY-SCI based on this initiative. This meme coin has a 3% transaction tax, which is claimed to be fully donated to the original charity address (a wallet controlled by Siyuan). The community quickly hyped it up, with some users comparing it to "the second GIGGLE." Its market cap once approached 4 million USD, and the donation address received a cumulative equivalent of about 420,000 USD in BNB.

Afterwards, Siyuan reiterated that Happy-Sci is a non-public fundraising charity project and will not issue tokens, and destroyed approximately 420,000 USD worth of BNB. Subsequently, the unofficial meme token HAPPY-SCI dropped in market cap to 160,000 USD due to the lack of official endorsement.

BlockBeats reminds users that most meme coins have no real use cases and their prices are highly volatile, so investment should be approached with caution.