Memecoins
Cardano Meme Coin Crashes 96% Within One 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 one meme coin on Cardano, RIO, today fell more than 96% in one hour. As always in the cryptocurrency market, such a painful price trend 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 take over Cardano
In recent weeks, Cardano has given birth to a new narrative, with a meme cryptocurrency on hand with the emergence of Nike. This meme coin, based on the image and named after the pig belonging to the founder of Cardano Charles Hoskinsonit quickly gained popularity, multi-million dollar capitalization and, coincidentally, created a whole wave of similar cryptocurrencies.
Source: TradingView
Interestingly, most of these designs 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, using the image of a parrot that Cardano’s founder published in 2021.
“Margherita is her name”
A Cardan the enthusiast asked Hoskinson what he thought of the coin, to which he He answered that the parrot’s real name was Daisy. Due to the irrelevance of the Rio name, this meme cryptocurrency was subjected to a fire sale, and as a result, its price plummeted 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 cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.