According to U.Today, a new meme coin on the Cardano blockchain, RIO, experienced a dramatic price drop of over 96% within an hour. This drastic price change was triggered by a comment made by Cardano founder Charles Hoskinson on social media.
In recent weeks, Cardano has seen the rise of a new narrative, with the creation of a meme cryptocurrency named after Hoskinson's pet pig, Nike. This meme coin quickly gained popularity and a multi-million dollar market capitalization, sparking a wave of similar cryptocurrencies. Many of these projects are based on images of Hoskinson's pets, which have been given significant attention through his social media posts.
One such token is RIO, which was created using an image of a parrot that Hoskinson posted in 2021. However, when a Cardano enthusiast asked Hoskinson about the coin, he responded that the parrot's actual name was Daisy. This discrepancy led to a sell-off of the RIO token, causing its price to plummet by more than 96%.
While the token's price has since recovered somewhat, it remains uncertain whether it will be able to regain its previous standing in public perception.