Source: Akarat Phasura – Shutterstock
- Charles Hoskinson said that he would facilitate Dogecoin migration to be a Cardano sidechain for free.
- If the proposal was accepted by the Dogecoin team, Elon Musk and the Twitter team could eventually propel positive momentum for ADA price.
Just as Elon Musk seized the deal to acquire Twitter last Friday, Cardano founder Charles Hoskinson has jumped into the discussion with some interesting suggestions. Amid all the Twitter developments, we saw Dogecoin making 100 percent gains in a week’s time.
The DOGE price has skyrocketed since Musk’s Twitter acquisition thinking that the billionaire will integrate DOGE payments into the platform in the future. In fact, Cardano founder Charles Hoskinson is also quite hopeful about the same.
In one of his recent tweets, Hoskinson said: “Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform”.
Interestingly, the Cardano founder went further pitching the option of making Dogecoin a Cardano sidechain. If this were to happen, he would do the migration for free. Besides, Hoskinson also promised that he would add smart contracts to Dogecoin thus helping the memecoin expand its ecosystem.
The Cardano founder was once a critic of Dogecoin while questioning the use cases for the memecoin. Amid his sudden change of opinion, Dogecoin founder Bill Markus asked him: “oh, now suddenly you don’t hate dogecoin?”
Responding to this, Hoskinson said:
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.
Will this help ADA price to rally?
Amid the recent price in Dogecoin (DOGE), the memecoin has left behind Cardano’s ADA to the ninth spot. As of press time, ADA is trading at a price of $0.39 with a market cap of $13.49 billion.
During some developments in the Cardano ecosystem over the last week, the ADA price made a move to $0.50. However, it couldn’t sustain much and corrected significantly from there. Currently, Cardano’s native crypto ADA is facing resistance at $0.40.
From a technical setup, the weekly chart for ADA shows that crypto has been constantly falling from its all-time high of $3.10 in August 2021. The current support is at $0.36 from where the price bounced back recently.
Also, we can see from the above chart the relative strength index (RSI) is extremely bullish. The indicator has generated a bullish divergence breaking out from its bearish trendline. The breakout validates the divergence and indicates that upward momentum is likely. On the upside, the closest resistance is placed at $0.58.
Coming to the Twitter development, there’s no revert back from either Elon Musk or the Twitter team so far. If this happens, it might trigger a positive sentiment leading to an ADA price rally.
Ecosystem
Research
News Network
About