TechFlow reported on January 26 that Mario Nawfal, founder and CEO of Dubai-based venture capital firm IBC Group, announced he had purchased $50,000 worth of the meme coin MARIO CTO named after him. He pledged that when the token's market capitalization reaches $500 million, he will airdrop all his holdings to 100 active community members on X.
Previously, Mario Nawfal burned the MARIO tokens airdropped to his wallet, which were worth $7 million at the time of destruction.
According to GMGN data, the MARIO token surpassed a $25 million market cap within eight hours of its launch.
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