Cardano Founder’s Comment Triggers 96% Drop in Cardano Meme Coin

Cardano-based meme coin RIO dropped 96% after Cardano founder Charles Hoskinson revealed his pet parrot’s real name is Daisy, not Rio.

Charles Hoskinson, the founder of Cardano, recently became the center of attention with his social media posts inadvertently influencing the meme coin market. 

The emergence of Nike, a meme coin named after Hoskinson’s pet pig, quickly garnered significant popularity, achieving a multi-million dollar market capitalization. However, a subsequent meme coin faced a severe downfall following a minor yet impactful comment from Hoskinson.

The RIO Token Incident

Notably, the Cardano community witnessed the launch of several meme coins linked to Hoskinson’s pets, including the RIO token. This token reportedly used an image of a parrot shared by Hoskinson in 2021. 

The token initially gained traction, bolstered by Hoskinson’s social media influence. However, when a Cardano enthusiast inquired about the coin, Hoskinson clarified that his parrot’s real name was Daisy, not Rio. This revelation led to a significant sell-off, causing the RIO token’s price to plummet by over 96% in just one hour.

Daisy is her name

— Charles Hoskinson (@IOHK_Charles) June 26, 2024

Community Reactions and Market Impact

The drastic drop in the RIO token’s value elicited varied reactions within the community on X. While some suggested a name change to reflect the parrot’s real name, Daisy, others expressed skepticism about the sustainability of meme coins based on such trivial foundations. 

Following the event, the developers behind the token claimed the RIO ticker was merely a placeholder as they were not sure of the bird’s name. They lauded themselves for helping uncover the parrot’s name, equating the RIO ticker to Daisy.

Alright, joke aside, $RIO was just a placeholder name.
Of course, we didn't know the real name because it was never mentioned.
But thanks to our efforts, we now have a proper name: #Daisy! 🦜🌼
We deserve some credit for that.
Now let's make Daisy the #1 bird on #Cardano! pic.twitter.com/rVhyoJz3qj

— RIO = DAIZY (@rio_hoskinson) June 26, 2024

The Rise of NIKE Token

It is important to recall last week, when the NIKE token, named after Hoskinson’s pig, saw a rise in market value. Within just 12 hours, it nearly reached a $1 million market cap. The rapid ascent of the NIKE token was revealed by a screenshot from TapTools showcasing its market metrics. 

This meteoric rise sparked diverse reactions from the community, with some expressing excitement and others voicing concerns over the speculative nature of such developments in the cryptocurrency space.