The value of RIO, a newly emerged meme coin on Cardano, plunged by over 96% within a single hour today. Such rapid and drastic price movements are not uncommon in the volatile cryptocurrency market, often triggered by significant events. This time, the catalyst was a comment made by blockchain founder Charles Hoskinson on social media. But let's delve into the sequence of events that led to this dramatic decline.

In recent weeks, Cardano had been swept up in a meme coin frenzy, particularly with the emergence of Nike, a meme cryptocurrency named after the pet pig of Cardano's founder, Charles Hoskinson. Nike quickly gained popularity, achieving a multi-million dollar market capitalization and sparking a wave of similar projects.

Interestingly, many of these meme coins were inspired by pets owned by Hoskinson himself, with his social media posts providing substantial attention to these projects. It was against this backdrop that RIO token came into existence, leveraging an image of a parrot named Daisy, which Hoskinson had shared back in 2021.

The pivotal moment came when a Cardano enthusiast inquired about Hoskinson's thoughts on the coin, to which he casually mentioned that the parrot's actual name was Daisy. This seemingly inconsequential clarification triggered a significant sell-off in RIO token, leading to its price plummeting by more than 96% in just one hour.

While the token has since seen some recovery in its price, the incident raises uncertainties about its future and whether it can regain its previous levels of public interest and perception.

The episode underscores the whimsical and speculative nature of meme coins within the cryptocurrency ecosystem, where market movements can be heavily influenced by social media comments and community sentiment. As the crypto market continues to evolve, such events serve as reminders of the risks and volatility inherent in these digital assets.