Cardano Meme Coin crashes 96% in one hour after ADA creator said this.

The price of a new meme coin on Cardano, RIO, dropped more than 96% in an hour today. As always in the cryptocurrency market, such painful price performance has a significant justification and this time it is a comment from blockchain founder Charles Hoskinson on social media.

But let's start from the beginning.

Memes take over Cardano.

In recent weeks, Cardano has established one

new story, with a meme cryptocurrency available with

Nike's appearance. This meme coin, is image-based and named after Cardano founder Charles Hos's pig

kinson, quickly became popular, multi

capitalized in the millions of dollars and, when it happened, created a whole wave of the same

electronic money.

What's interesting is that most of these projects are based on Hoskinson's pet images, whose posts have caught Nike's attention. This is how the RIO token was born, using the parrot image that the founder of Cardano posted in 2021.

"Daisy is her name"

A Cardano enthusiast asked Hoskinson what he thought about the coin and he replied that the parrot's real name is Daisy. Due to the name Rio being irrelevant, this meme cryptocurrency was sold off and its price fell by over 96% as a result.

Currently, the token's price has recovered some of that decline, but whether it can return to its previous level in public perception remains a big question.