Memecoins
Cardano Meme Cryptocurrency Crashes 96% In An Hour After ADA Creator Says This
Gamza Khanzadaev
Charles Hoskinson of Cardano gives no chance to a new coin on the ADA blockchain
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The price of a new one meme coin on Cardano, RIO, collapsed more than 96% in one hour today. As always in the crypto market, such 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 at the beginning.
Memes take over Cardano
In recent weeks, Cardano has formed a new narrative, with a meme cryptocurrency within reach with the emergence of Nike. This meme coin, based on the image and named after the pig owned by the founder of Cardano Charles Hoskinsonquickly gained popularity, capitalized several million dollars and, as it happened, created a whole wave of similar cryptocurrencies.
Source: Trading View
Interestingly, most of these projects are based on the images of Hoskinson’s pets, who, with his publications, paid a lot of attention to Nike. This is how the RIO token was born, using 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 play, what he replied that the parrot’s real name was Daisy. Due to the irrelevance of the Rio name, this meme cryptocurrency was subjected to a massive sell-off and as a result, its price collapsed by over 96%.
Today, the token’s price has recovered some of that decline, but whether it will be able to return to previous levels in public perception remains a big question.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.