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Cardano Ecosystem

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10/31/2022

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“Dogecoin finally has use case,” says Cardano creator as DOGE takes over ADA

Following Elon Musk’s controversial Twitter takeover, his favorite cryptocurrency Dogecoin [DOGE] has been trending. The asset has been…

“Dogecoin finally has use case,” says Cardano creator as DOGE takes over ADA

Following Elon Musk’s controversial Twitter takeover, his favorite cryptocurrency Dogecoin [DOGE] has been trending. The asset has been garnering the attention of several across the industry. Cardano’s Charles Hoskinson happens to be one among them.

Right after Musk acquired Twitter for $44 billion, Hoskinson took to Twitter and put up a poll for the community. He proposed rolling out a new version of the OG meme coin, a “post-quantum ultrafast, and identity enabled DOGE sidechain of Cardano.”

Should we pitch to Twitter a post-quantum ultrafast, and identity enabled doge sidechain of Cardano custom built for social networks? #QuantumDoge

— Charles Hoskinson (@IOHK_Charles) October 29, 2022

About 80 percent of the 21,486 participants voted in favor of this upgrade. However, several others rushed in and pointed out how Hoskinson had formed a sudden inclination towards Dogecoin. Billy Markus, the founder of the DOGE network was one among them.

Dogecoin finally has a use case. If elon decides to use it for twitter, then there are automatically 200 million users and a usecase. That's a lot more real than memes

— Charles Hoskinson (@IOHK_Charles) October 30, 2022

Replying to Markus’s tweet, Hoskinson suggested that Dogecoin had finally managed to have a utility. However, this would depend on Elon Musk and his incorporation of DOGE into Twitter.

An array of DOGE supporters came forward and noted how the community had just begun realizing the asset’s power.

Dogecoin climbs the crypto ladder as its market cap soars to $15.57 billion

As mentioned earlier, Musk’s Twitter takeover seems to have started a whole new chapter for Dogecoin. The asset has been trying to enter the coveted top 10 for quite some time now. Over the weekend, DOGE climbed the crypto ladder and took over assets like Cardano [ADA] as well as Solana [SOL].

At press time, Dogecoin stood as the 8th largest crypto while its market cap was seen to be $15.57 billion. Cardano was just below DOGE with a market cap of $13.76 billion.

In terms of price, DOGE witnessed a massive spike over the weekend. The altcoin rose to a high of $0.1494 following 97 percent weekly gains. However, during publication, the meme coin recorded a 14.79 percent daily drop pushing its price down to $0.1152.

Source

Despite this daily drop, the asset continues to remain the talk of the crypto town. Similar to Hoskinson, several other proponents and crypto networks are likely to collaborate with the Dogecoin network thanks to Elon Musk.

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