The price of a new meme coin on Cardano, RIO, collapsed over 96% in one hour today. As always on the crypto 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's 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 emergence of Nike. This meme coin, based on the image and named after the pig belonging to Cardano founder Charles Hoskinson, quickly gained popularity, multi-million dollar capitalization and, as it happens, created a whole wave of similar cryptocurrencies.
Source: TradingView
Interestingly, most of these projects are based on the images of pets of Hoskinson, who with his posts has given Nike a lot of attention. This is how the RIO token was born, using the image of a parrot that the 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. 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
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Now, the price of the token has recovered some of that decline, but whether it will be able to return to previous levels in public perception remains a big question.
