[ccpw id="39382"]

HomeCrypto NewsMarketCardano Founder’s Comment Triggers 96% Drop in Cardano Meme Coin

Cardano Founder’s Comment Triggers 96% Drop in Cardano Meme Coin

Date:

Written By:

Cardano-based meme coin RIO dropped 96% after Cardano founder Charles Hoskinson revealed his pet parrot’s real name is Daisy, not Rio.

Charles Hoskinson, the founder of Cardano, recently became the center of attention with his social media posts inadvertently influencing the meme coin market. 

The emergence of Nike, a meme coin named after Hoskinson’s pet pig, quickly garnered significant popularity, achieving a multi-million dollar market capitalization. However, a subsequent meme coin faced a severe downfall following a minor yet impactful comment from Hoskinson.

- Advertisement -

The RIO Token Incident

Notably, the Cardano community witnessed the launch of several meme coins linked to Hoskinson’s pets, including the RIO token. This token reportedly used an image of a parrot shared by Hoskinson in 2021. 

The token initially gained traction, bolstered by Hoskinson’s social media influence. However, when a Cardano enthusiast inquired about the coin, Hoskinson clarified that his parrot’s real name was Daisy, not Rio. This revelation led to a significant sell-off, causing the RIO token’s price to plummet by over 96% in just one hour.

Community Reactions and Market Impact

The drastic drop in the RIO token’s value elicited varied reactions within the community on X. While some suggested a name change to reflect the parrot’s real name, Daisy, others expressed skepticism about the sustainability of meme coins based on such trivial foundations. 

Following the event, the developers behind the token claimed the RIO ticker was merely a placeholder as they were not sure of the bird’s name. They lauded themselves for helping uncover the parrot’s name, equating the RIO ticker to Daisy.

- Advertisement -

The Rise of NIKE Token

It is important to recall last week, when the NIKE token, named after Hoskinson’s pig, saw a rise in market value. Within just 12 hours, it nearly reached a $1 million market cap. The rapid ascent of the NIKE token was revealed by a screenshot from TapTools showcasing its market metrics. 

This meteoric rise sparked diverse reactions from the community, with some expressing excitement and others voicing concerns over the speculative nature of such developments in the cryptocurrency space.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author

Latest Stories

Guides