The price of a new meme coin on Cardano, RIO, plummeted more than 96% in one hour today. As always in the cryptocurrency market, such painful price performance has a dramatic justification, and this time it was a comment from blockchain founder Charles Hoskinson on social media.
The price of a new meme coin on Cardano, RIO, plummeted more than 96% in one hour today. As always in the cryptocurrency market, such painful price performance has a dramatic justification, and this time it was a comment from blockchain founder Charles Hoskinson on social media.
But, let us start at the beginning.
Memes take over Cardano
In recent weeks, Cardano has formed a new narrative, with a meme cryptocurrency on hand with the rise of Nike. This meme coin, based on the image and named after the pig of Cardano founder Charles Hoskinson, quickly gained popularity, a multi-billion dollar capitalization and, coincidentally, created a whole wave of similar cryptocurrencies.
Interestingly, most of these projects are based on images of Hoskinson’s mascots, who has paid a lot of attention to Nike with his publications. This is how the RIO token was born, using the image of a parrot that the founder of Cardano published in 2021.
“Daisy is her name”
A Cardano enthusiast asked Hoskinson what he thought of the coin, to which he responded answered that the parrot’s real name was Daisy. Due to the irrelevance of the Rio name, this meme cryptocurrency was subject to liquidation and as a result, its price plummeted by over 96%.
Gamza KhanzadaevNow, the price of the token has recovered some of that drop, but whether it can return to previous levels in public perception remains a big unknown.
