Following the news that Elon Musk had taken over Twitter, the price of Dogecoin experienced a substantial increase. According to reports, Dogecoin surged 124% in the last week, taking the top spot on Robinhood’s list of top gainers.
Cardano founder Charles Hoskinson thinks Dogecoin is likely to be associated with the social media platform in the wake of Elon Musk’s acquisition of Twitter.
“Now that Twitter is in the hands of @elonmusk I can see a real possibility that DOGE will somehow merge with the platform.”
Members of the Dogecoin and Cardano communities responded with a slew of tweets. The idea of merging cryptocurrency and Twitter has excited a lot of DOGE supporters. However, some Cardano investors appear dissatisfied that Hoskinson is backing DOGE instead of ADA. He requested Hoskinson to motivate ADA to join Twitter.
Whether Hoskinson believes Dogecoin will switch to a Proof-of-Stake (PoS) or Proof-of-Useful-Work (PoUW) algorithm was a question posed by one of his followers.
In response to the user, Hoskinson suggested adding Dogecoin to the Cardano sidechain. The Cardano chief promised himself a free migration. Hoskinson promised to include smart contracts as well.
The Elon Musk effect
Following Elon Musk’s eagerly anticipated acquisition of Twitter, the Twitter ecosystem, particularly the cryptocurrency industry, had reason to rejoice yesterday. Twitter’s previous owner has been marked by discord, a ban on user accounts, and bots that have tarnished its reputation.
And the crowd had to “let that sink in” for a moment before Elon Musk finally sealed the deal the next day and entered Twitter’s offices over the kitchen sink. Investors in Dogecoin think that following Musk’s Twitter acquisition, the cryptocurrency will merge with the social media site. Musk has consistently pushed for the acceptance of Dogecoin.
