The price of a new meme coin on Cardano, RIO, collapsed over 96% in one hour today. As always in the crypto market, such a painful price performance has a dramatic justification, and this time it was a comment from blockchain founder Charles Hoskinson on social media.
But let’s start in order.
Memes take over Cardano
In recent weeks, Cardano has formed a new narrative with the meme cryptocurrencies set by the emergence of Nike. This meme coin, based on the image and named after the pig of Cardano founder Charles Hoskinson, quickly gained popularity, multi-million dollar capitalization and, as it happens, created a whole wave of similar cryptocurrencies.
Interestingly, most of these projects are based on the images of animals of Hoskinson, who with his posts provided a lot of support to the attention of the same Nike. This is how the RIO token was born, using the image of a parrot that Cardano founder posted in 2021.
“Daisy is her name”
A Cardano enthusiast asked Hoskinson what he thought of the coin, to which he replied that the parrot’s real name was Daisy. As you can understand, due to the irrelevance of the name Rio, this meme cryptocurrency was subjected to a sell-off and as a result its price collapsed by more than 96%.
Daisy is her name
— Charles Hoskinson (@IOHK_Charles) June 26, 2024
Now, the price of the token has recovered some of that decline, but whether it will be able to return to previous levels of public perception remains a big question.