Cardano Meme Coin Crashes 96% Within One Hour After ADA Creator Says So

Contents

• Memes take over Cardano
• “Margherita is her name”

The price of a new one meme coin on CardanoRIO, has fallen by over 96% in an hour today. As always in the cryptocurrency 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 from the beginning.

Memes take over Cardano

In recent weeks, Cardano has birthed a new narrative, with a meme cryptocurrency at 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.

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%.

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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.

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