Cardano founder's comments trigger Cardano memecoin value to plummet by 96%

Cardano-based meme coin RIO plunged 96% after Cardano founder Charles Hoskinson revealed that the real name of his pet parrot is Daisy and not Rio.

Cardano founder Charles Hoskinson has recently been in the spotlight for his social media posts that inadvertently influenced the memecoin market.

The advent of the meme coin Nike, named after Hoskinson’s pet pig, quickly gained significant popularity, achieving a multi-million dollar market cap. However, the memecoin subsequently suffered a severe slide following a minor but influential comment from Hoskinson.

RIO Token Events

Notably, the Cardano community has witnessed the launch of several memecoins related to Hoskinson’s pets, including the RIO token. The token reportedly uses an image of a parrot that Hoskinson shared in 2021.

The token initially received a boost, benefiting from Hoskinson’s social media influence. However, when asked by a Cardano enthusiast about the coin, Hoskinson clarified that his parrot’s real name is Daisy, not Rio. The revelation led to a massive sell-off that saw the price of the RIO token plummet by 96% in just one hour.

Community Response and Market Impact

The sharp drop in the value of the RIO token has caused mixed reactions within the community. Some suggested changing the name to reflect the parrot’s real name, Daisy, while others expressed doubts about the sustainability of a memecoin based on such a trivial foundation.

Following the incident, the developers behind the token claimed that the RIO token was merely a placeholder because they were unsure of the bird’s name. They credit themselves with helping to reveal the parrot’s name, equating the RIO token to Daisy.

The rise of the Nike token

It’s important to recall last week when the NIKE token, named after Hoskinson’s pig, saw a rise in market capitalization. In just 12 hours, it almost reached a market cap of $1 million. The rapid climb of the NIKE token was revealed by a screenshot of the market indicators from TapTools.

This meteoric rise has drawn mixed reactions from the community, with some expressing excitement while others have voiced concerns over the speculative nature of such developments in the cryptocurrency space.

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