Cardano

2024

Coin

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<p dir="ltr">The price of a new&nbsp;<a href="https://u.today/cardano-skyrockets-epic-34-in-volume-thanks-to-new-meme-coin">meme coin on Cardano</a>, RIO, collapsed over 96% in one hour today. As always on 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.</p>
<p dir="ltr">But let's start at the beginning.</p>
<h2 id="memes-take-over-cardano">Memes take over Cardano</h2>
<p dir="ltr">In recent weeks, Cardano has formed 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 Cardano founder&nbsp;<a href="https://u.today/hoskinson-cardano-is-waking-up">Charles Hoskinson</a>, quickly gained popularity, multi-million dollar capitalization and, as it happens, created a whole wave of similar cryptocurrencies.&nbsp;</p>
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="e61faec4-460a-4a02-b438-6bd8711ed85a" src="https://u.today/sites/default/files/inline-images/taptools.io_Nike_2024-06-26_15-54-58.png"><em>Source: </em><a href="https://www.tradingview.com/x/r5zTRvN5/"><em>TradingView</em></a>
<p dir="ltr">Interestingly, most of these projects are based on the images of pets of Hoskinson, who with his posts has given Nike a lot of attention. This is how the RIO token was born, using the image of a parrot that the Cardano founder posted in 2021.</p>
<h2 id="daisy-is-her-name">"Daisy is her name"</h2>
<p dir="ltr">A&nbsp;<a href="https://u.today/cardano-ada-welcomes-major-chain-update-details">Cardano</a> enthusiast asked Hoskinson what he thought of the coin, to which he&nbsp;<a href="https://twitter.com/IOHK_Charles/status/1805853776173043819?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1805853776173043819%7Ctwgr%5E6f398ac878bdda59c9ceb346afb21be33886426c%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2FIOHK_Charles%2Fstatus%2F1805853776173043819">replied</a> that the parrot's real name was Daisy. Due to the irrelevance of the name Rio, this meme cryptocurrency was subjected to a sell-off and, as a result, its price collapsed by more than 96%.</p>
<blockquote>
 <p lang="en" dir="ltr">Daisy is her name</p>— Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1805853776173043819?ref_src=twsrc%5Etfw">June 26, 2024</a>
</blockquote> 
<p dir="ltr">Now, the price of the token has recovered some of that decline, but whether it will be able to return to previous levels in public perception remains a big question.</p>

Cardano Meme Coin Crashes 96% in Hour After ADA Creator Says This

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