Cardano Meme Coin Plummets 96 Following Remarks by Cardanos Creator

A meme coin called RIO, based on Cardano, experienced a significant drop of 96% when Cardano founder Charles Hoskinson revealed that his pet parrot’s actual name is Daisy and not Rio.
Charles Hoskinson, the creator of Cardano, recently attracted attention by inadvertently impacting the meme coin market through his social media posts.
The emergence of a meme coin called NIKE, named after Hoskinson’s pet pig, quickly gained popularity and achieved a market capitalization of millions of dollars. However, another meme coin faced a sharp decline after a small yet significant comment from Hoskinson.
The RIO Token Incident
Several meme coins linked to Hoskinson’s pets were launched within the Cardano community, including the RIO token. This token used an image of a parrot that Hoskinson shared in 2021.
Initially, the token gained momentum thanks to Hoskinson’s influence on social media. However, when a Cardano enthusiast inquired about the coin, Hoskinson clarified that his parrot’s actual name was Daisy, not Rio. This disclosure triggered a massive sell-off, causing the price of the RIO token to plummet by more than 96% in just one hour.
Community Reactions and Market Impact
The significant drop in the value of the RIO token sparked diverse reactions within the community. While some suggested changing the name to reflect the parrot’s real name, Daisy, others expressed doubts about the sustainability of meme coins based on such trivial origins.
After the incident, the developers of the token explained that the RIO ticker was just a temporary name as they were unsure of the bird’s name. They commended themselves for uncovering the parrot’s name, equating the RIO ticker to Daisy.
The Rise of the NIKE Token
Last week, the NIKE token, named after Hoskinson’s pig, experienced a surge in market value. Within 12 hours, it nearly reached a market capitalization of $1 million. The rapid rise of the NIKE token was highlighted by a screenshot from TapTools displaying its market statistics.
This sharp increase elicited mixed reactions from the community, with some feeling excited and others expressing concerns about the speculative nature of such developments in the cryptocurrency space.
Disclaimer: This content serves as informational and should not be taken as financial advice. The opinions expressed in this article may be the author’s personal views and may not reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses.