TLDR
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Mark Karpelès, former CEO of Mt. Gox, supported the ChiefPussy cat memecoin, which surged by 2,594% after his endorsement.
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The token’s value quickly dropped by nearly 90%, reaching a market cap of just $246,000 after the initial spike.
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Karpelès announced that part of the trading fees from the token would be donated to feline CKD research in honor of his cat.
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The ChiefPussy memecoin’s rise and fall highlight the volatile nature of memecoins and their reliance on hype.
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Karpelès’ connection with his cat Tibane dates back to his time running Mt. Gox, where Tibane became a well-known figure.
Mark Karpelès, the former CEO of Mt. Gox, recently backed a Solana-based cat-themed memecoin called “ChiefPussy.” The token surged by over 2,500% after Karpelès promoted it using the story of his deceased cat, Tibane. However, the coin’s value has since plummeted nearly 90%, highlighting the volatile nature of memecoins.
Karpelès Supports Cat Memecoin
Karpelès’ involvement in the promotion of ChiefPussy began after the token’s creators, the Pump Fun traders, reached out to him. They offered him a share of the tokens and 100% of the trading fees in exchange for his promotion. Initially skeptical, Karpelès was drawn in by the unique blend of his cat Tibane’s story and the growing interest in the token.
In his post promoting the token, Karpelès stated, “I know it’ll probably be short-lived but it’s interesting for me to see how that’s happening.” He acknowledged the token’s rise, but expressed his surprise at how people had embraced it due to its connection with his cat. Despite the coin’s short-lived success, he noted that part of the trading fees would be donated to feline CKD research, hoping it would help other cats avoid the same health struggles Tibane faced.
ChiefPussy’s Market Performance
After Karpelès’ endorsement, the ChiefPussy token saw an unprecedented rise in its market value, jumping 2,594% to reach a market cap of $1.8 million. However, this surge was brief, and within 24 hours, the token lost almost 90% of its value, with the market cap dropping to $246,000. This dramatic decline is typical of many memecoins, which can experience extreme volatility.
As the token’s value continued to fall, Karpelès took action by burning the tokens he had received. This move reflects his acknowledgment that the hype surrounding the coin may have been short-lived. Despite the sharp drop, Karpelès maintained that he found the experiment intriguing, noting the rapid growth and subsequent decline of the coin.
The Legacy of Mt. Gox and Tibane
Karpelès’ history with Mt. Gox is well-known, as he acquired the exchange in 2011, only for it to collapse three years later after a major hack. The hack resulted in the theft of hundreds of thousands of bitcoins. Tibane, his cat, was a notable figure during the Mt. Gox era, with stories about the cat’s survival through a major earthquake and even having its own Bitcoin Foundation membership.
Though the Mt. Gox collapse led to years of legal proceedings, Karpelès continued his work in the crypto space. In 2024, he launched another crypto exchange called EllipX. Meanwhile, Mt. Gox’s creditors are still waiting for full repayment, with the latest deadline extended to October 2026.
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