Nov 8, 2022 at 05:30Cardano founder Charles Hoskinson published a podcast in which he shared ideas on how to create a decentralized Twitter. In his opinion, Elon Musk as the new head of the social network should develop the platform not only with the help of Dogecoin but also Cardano. The main reason is that the meme token in its current state can’t satisfy Twitter’s demands. Let’s see what he meant by that and how ADA will handle it.
The suggestion
While Musk is thinking about how to better monetize Twitter, the creator of Cardano offers a ready-made solution. The basic idea is to monetize the platform through prediction markets and economic agencies. In his opinion, the Tesla CEO’s favorite cryptocurrency does not bring benefits to the end consumer, which is not the case for many traders who speculate on it thinking that it will make them rich.
The value of DOGE has been fluctuating lately, but more of a growth. The problem is that this is not because the coin has any special useful properties, but because of the hype around it. Due to this, Cardano’s creator believes that as DOGE rises, investors could incur significant losses, which would globally worsen regulators’ attitudes toward digital assets.
In addition, Hoskinson suggests turning tweets into NFTs, which would also allow the company to make money in the long term. However, given the fact that all is not calm in the field of NFTs now, the market is falling for the sixth month in a row, and the idea may not be entirely successful.
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What the internet says about it
Some network users reacted to Hoskinson’s statement. In particular, the Cardano founder’s offer was commented on by Billy Marcus, one of Dogecoin’s creators, writing that DOGE developers don’t plan Cardano in any way. In his opinion, the latter misleads people and plays dirty by associating the meme token with risks for investors and speculation and reminded that in 2018 the ADA rate fell by 97%. So, in essence, what Hoskinson is talking about can be said about all cryptocurrencies.
doge isn’t going to use cardano for anything.
— Shibetoshi Nakamoto (@BillyM2k) November 6, 2022
However, Billy Marcus later apologized to Hoskinson and admitted that he was wrong.
“Hey Charles, after sleeping on it wanted to extend an olive branch back. I do have respect for all those who are contributing to making crypto more useful and scale better. I was overly hostile unnecessarily, and want to apologize, and hope you and ADA are successful,” he says.
Therefore, it seems that cooperation between Cardano and Dogecoin is still possible. We hope so.
Thanks man. I appreciate it. I’m sorry that I said things that were also a bit hostile. We got this pic.twitter.com/po9STAzPSL
— Charles Hoskinson (@IOHK_Charles) November 8, 2022
But even if the creators of these projects are willing to collaborate, the last word rests with Elon Musk.
How can I make money on this?
The integration of ADA into Twitter could be one of the main events of the year, which will definitely affect the value of the coin. Moreover, according to experts, it has allowed Cardano to establish itself as a potential transaction environment and will trigger demand for the token. However, judging by ADA’s current value, the market has not yet reacted much to Hoskinson’s announcement.
At the time of writing, Cardano is trading at $0.387 per coin, with a market capitalization of $13.29B, not much lower than Dogecoin ($13.44B). In the last hour, ADA has gained 1.12%, dropped 4.99% in the last 24 hours, and 4.73% in the last week. If the token crawls upward, it has every chance to overtake Dogecoin in terms of market capitalization and take the eighth line at the top.
Experts have also noticed an increase in ADA transaction volume. This could be due to a rebound in bullish demand. Something else that could bring the price growth closer is, as we said before, Musk’s positive response to Hoskinson’s offer, which would be a major step forward for the cryptocurrency. As of this writing, however, the businessman has not commented on the situation in any way.
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