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

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

Charles Hoskinson, the founding father of Cardano, not too long ago turned the focus together with his social media posts inadvertently influencing the meme coin market.

The emergence of Nike, a meme coin named after Hoskinson’s pet pig, rapidly garnered vital reputation, attaining a multi-million greenback market capitalization. Nevertheless, a subsequent meme coin confronted a extreme downfall following a minor but impactful remark from Hoskinson.

The RIO Token Incident

Notably, the Cardano group witnessed the launch of a number of meme cash linked to Hoskinson’s pets, together with the RIO token. This token reportedly used a picture of a parrot shared by Hoskinson in 2021.

The token initially gained traction, bolstered by Hoskinson’s social media affect. Nevertheless, when a Cardano fanatic inquired in regards to the coin, Hoskinson clarified that his parrot’s actual title was Daisy, not Rio. This revelation led to a major sell-off, inflicting the RIO token’s worth to plummet by over 96% in only one hour.

Daisy is her title

— Charles Hoskinson (@IOHK_Charles) June 26, 2024

Group Reactions and Market Affect

The drastic drop within the RIO token’s worth elicited diversified reactions throughout the group on X. Whereas some instructed a reputation change to mirror the parrot’s actual title, Daisy, others expressed skepticism in regards to the sustainability of meme cash based mostly on such trivial foundations.

Following the occasion, the builders behind the token claimed the RIO ticker was merely a placeholder as they weren’t certain of the chook’s title. They lauded themselves for serving to uncover the parrot’s title, equating the RIO ticker to Daisy.

Alright, joke apart, $RIO was only a placeholder title.
After all, we did not know the actual title as a result of it was by no means talked about.
However because of our efforts, we now have a correct title: #Daisy! 🦜🌼
We deserve some credit score for that.
Now let’s make Daisy the #1 chook on #Cardano! pic.twitter.com/rVhyoJz3qj

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

The Rise of NIKE Token

You will need to recall final week, when the NIKE token, named after Hoskinson’s pig, noticed an increase in market worth. Inside simply 12 hours, it practically reached a $1 million market cap. The fast ascent of the NIKE token was revealed by a screenshot from TapTools showcasing its market metrics.

This meteoric rise sparked various reactions from the group, with some expressing pleasure and others voicing issues over the speculative nature of such developments within the cryptocurrency house.

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