Cardano’s meme coin RIO experienced a dramatic 96% drop in value after Charles Hoskinson, the founder of Cardano, revealed that his pet parrot’s real name is Daisy, not Rio. The incident began when meme coins inspired by Hoskinson’s pets started gaining popularity, with the emergence of the NIKE token, named after his pig, reaching a market capitalization of millions of dollars.
However, the RIO token, which used an image of Hoskinson’s parrot, faced a sharp decline after a fan discovered that the parrot’s actual name was Daisy. This revelation led to a significant sell-off, causing the RIO token’s price to plummet by over 96% in just one hour.
The community had mixed reactions to the incident, with some suggesting a name change to reflect the parrot’s real name, Daisy, while others questioned the sustainability of meme coins based on trivial foundations. The developers behind the RIO token clarified that the RIO ticker was a placeholder name, as they were unaware of the bird’s actual name. They took credit for uncovering the parrot’s name and rebranded the token as Daisy.
Meanwhile, the NIKE token experienced a rapid rise in market value, nearly reaching a $1 million market cap within just 12 hours. This surge sparked excitement and concern within the community, highlighting the speculative nature of such developments in the cryptocurrency space.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions. The views expressed are the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic.