The price of the new meme coin RIO on Cardano has dropped by over 96% in one hour today. As usual in the crypto market, such a drastic price drop has a reason, and this time it was a comment from Cardano founder Charles Hoskinson on social media. But let’s start at the beginning.
Rise of Memecoins on the Cardano Blockchain
In recent weeks, memecoins have become increasingly popular on the Cardano blockchain. One example is the memecoin ‘Nike’, named after Cardano founder Charles Hoskinson’s pig. This coin quickly gained popularity and reached a huge market cap. As often happens, this led to a wave of similar cryptocurrencies.
Interestingly enough, most of these projects are based on Hoskinson’s pets. This is also how the RIO token was created, using an image of a parrot that the Cardano founder posted in 2021.
“Daisy is her name”
A Cardano fan 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 memecoin was immediately dumped hard and as a result, its price plummeted by over 96%.
Now, the token’s price has recovered somewhat from that drop, but whether it will return to previous levels in public perception remains a big question.
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Source: https://newsbit.nl/cardano-memecoin-daalt-met-96-na-uitspraak-van-ada-oprichter/
