TLDR
- Mikol, creator of DARE coin on Solana, set himself on fire for promotion
- He suffered third-degree burns on 30% of his body
- Five months later, Mikol quits the project
- He regrets not cashing out when DARE’s market cap peaked at $2.91 million
- Mikol plans to focus on growing his social media presence
The creator of a Solana-based meme coin has stepped away from his project, five months after a promotional stunt left him with severe burns.
Mikol, the developer behind the Truth or Dare (DARE) token, announced his departure from the project last week, marking the end of a tumultuous journey that began with a dangerous publicity stunt.
In May 2024, Mikol made headlines when he set himself on fire during a livestream to promote his meme coin.
The stunt, which involved dousing himself in isopropyl alcohol and having fireworks shot at him, resulted in third-degree burns across 30% of his body. Mikol was immediately rushed to a hospital for treatment.
DARE dev (@lonemikol) releases a video to his community from an ICU in Miami.
Amazing to see he’s okay 🙏 https://t.co/WKyj4g5Cjl pic.twitter.com/3zKQvmh6TS
— Ryan S. Gladwin (@Ryan_S_Gladwin) May 23, 2024
The risky promotional tactic initially appeared to pay off, as DARE’s market cap surged to $1.82 million in the hours following the incident.
The token experienced another spike to $2.91 million as Mikol was set to leave the hospital. However, the project’s momentum quickly faded, with the current market cap sitting at just $26,000.
In a recent interview, Mikol expressed regret over not cashing out when the token’s value peaked. He claims to have seen $200,000 in his wallet at one point but never sold.
The developer also revealed that most of his team members abandoned the project after the incident, taking their profits with them.
“I’m not [the] DARE dev anymore. My name is Mikol and I’m human. I just wanna make it out [of] the trenches like you,”
i’m not dare dev anymore. my name is mikol and i’m human. i just wanna make it out the trenches like you. i just wanna be happy and successful. i just wanna be consistent with god and be a positive human being with an outgoing personality that puts smiles on peoples faces. life…
— Mikol 🔥 (@lonemikol) October 3, 2024
Mikol posted on Twitter, announcing his departure from the project. He added that he wants to “be consistent with God and be a positive human being with an outgoing personality that puts smiles on people’s faces.”
Mikol’s experience sheds light on the volatile nature of meme coins and the extreme measures some developers take to promote their projects.
The DARE incident was part of a broader trend of meme coin creators engaging in controversial livestreamed stunts to generate publicity and drive up token prices.
Despite the setbacks, Mikol maintains that he doesn’t regret his actions, aside from not profiting from the token’s brief success.
He received $3,000 in donations from the community to help cover his hospital bills but claims he didn’t benefit financially from the project beyond that.
Looking ahead, Mikol plans to focus on growing his social media presence and becoming what he calls a “trench warrior.”
He believes that the Truth or Dare concept could still work as a project in the future but is not willing to commit to it at this time.
The DARE token’s rise and fall serves as a cautionary tale in the world of cryptocurrency, highlighting the risks associated with meme coins and the potential consequences of extreme promotional tactics.
As the crypto landscape continues to evolve, incidents like this may prompt discussions about responsible marketing practices and the sustainability of meme coin projects.
Mikol’s story also underscores the human element often overlooked in the fast-paced world of cryptocurrency. Behind the tokens and market caps are real people making decisions that can have life-altering consequences.
