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Cardano meme coin drops 96% in an hour after ADA creator says so
Gamza Khanzadaev
Cardano’s Charles Hoskinson leaves no chance for a new meme coin on the ADA blockchain
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The price of a new meme coin on Cardano, RIO, collapsed more than 96% in one hour today. As always in the crypto market, this 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 from the beginning.
Memes dominate Cardano
In recent weeks, Cardano has formed a new narrative, with a meme cryptocurrency on its hands with the emergence of Nike. This meme coin, based on the image and name of the pig belonging to the founder of Cardano Charles Hoskinsonquickly gained popularity, multimillion-dollar capitalization and, by chance, created a whole wave of similar cryptocurrencies.
Source: Trading view
Interestingly, most of these projects are based on images of Hoskinson’s pets, who has given Nike a lot of attention with his posts. This is how the RIO token was born, based on the image of a parrot that the founder of Cardano posted in 2021.
“Daisy is her name”
A Cardano enthusiast asked Hoskinson what he thought of the coin, to which he he responded that the parrot’s real name was Daisy. Due to the irrelevance of the name Rio, this meme cryptocurrency was subjected to a liquidation and as a result, its price fell by more than 96%.
Now, the token’s price has recovered some of that decline, but a big question remains whether it will be able to return to previous levels in public perception.
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated in finance and credit with a specialization in securities and financial derivatives. He also completed a master’s program in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.