Elon Musk’s Twitter takeover is causing a stir in the crypto scene. Apparently, ADA co-founder Hoskinson is focused on an alliance between DOGE and ADA. Cardano is currently the third largest NFT network by trading volume.
Cardano has gained 15% in the past week. After months of selling, the ADA coin is now trading at over 40 cents again. However, it is still more than 85% short of the all-time high.
Cardano price rises
Despite the recent bearish momentum, long-term investors are accumulating and holding the coins from Cardano. In contrast to the short-term view, the long-term chart shows that the downward trend is still there. In the daily chart, ADA was able to break through the SMA 20, but remained below the SMA 50.
Looking at the hourly chart, it shows a bull flag that has been forming for the past few days. This is an indicator of a breakout to the upside, but should not leave the relevant bullish flag frame anytime soon.
Cardano is much more powerful with the NFTs. Here the Cardano network reaches its new all-time high after a strong increase in October. Cardano is the third largest NFT protocol by market cap today, as reported by DappRadar.
Cardano forecast: no buy signal yet
A 15% price increase within seven days – that’s a hopeful sign. However, an early recovery depends on breaking through the resistance areas. The general recovery of the crypto market hits Dogecoin, Ethereum or Solana harder than ADA. In addition, various coins on the L1 blockchain are performing better, although ADA would have a greater ability to recover.
Cardano and ADA remain an interesting package for long-term investors. As a blockchain recommended for a science-based approach to research and development, Cardano has a native cryptocurrency in ADA. It is also the third largest non-negotiable voucher protocol with $191 million in NFT volume in the 30 months ending September of this year.
However, despite the “minor bull run”, an above-market development is unlikely in the short term, as the price increases are likely to be mainly due to the NFTS.
Cardano, Twitter and Dogecoin – an alliance for the future?
It remains to be seen how the discussion about Twitter, DOGE and ADA will develop. Cardano founder Charles Hoskinson will certainly play a big role in this with the help of his nearly one million Twitter followers.
The feisty crypto entrepreneur launched an all-out Twitter campaign over the weekend after revealing that Elon Musk had purchased the social media platform.
Crypto enthusiasts have been waiting for this deal to close for months. On the one hand, this concerns questions about more targeted advertising and financial compensation for content creators. On the other hand, crypto-Twitter wants Dogecoin as a payment method for any future content monetization.
In the middle of this discussion about the plans of the new Twitter boss Elon Musk came some tweets from the boss of Cardano. He doesn’t seem to hate DOGE anymore and sees the time to use Dogecoin on Twitter.
Of course, Hoskinson also knows about Musk’s support for Dogecoin, since he never made it a secret. Meanwhile, the co-founder of ADA coin sees a real opportunity for Dogecoin integration on Twitter.
Shortly after Musk’s Twitter deal was announced, Charles Hoskinson spoke on the platform as follows.
Now that Twitter is in the hands of @elonmusk I can see that there is a real possibility that doge will somehow blend into the scene.
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
In his usual candid manner, Cardano’s founder said on October 28 that he believes there is “a real possibility” that Doge will “merge in some way with the platform (Twitter).” When a user asked him about the type of integration, Hoskinson replied that it should be Cardano’s sidechain. In this case, Hoskinson would do the integration for free. He even went as far as trying to add smart contracts to Doge.
Cardano should be a sidechain. I would do the migration for free. Hell I would even add smart contracts
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
After apparently not getting the desired response to Hoskinson’s tiffs, he followed up with a poll. On October 29, he asked the community to offer Twitter “an ultra-fast post-quantum Doge and identity-aware sidechain”, built specifically for social media by Cardano. The reaction of the Cardano community was as far and clear as expected: 80.5% of users voted “yes”.
The integration of the Token Dogecoin meme seems a bit more likely, not only in Hoskinson’s opinion, because of Musk’s Twitter takeover and also Cardano’s push over the weekend.
The richest man in the world not only personally contributed to the fact that the DOGE was on everyone’s lips and gave the meme coin one price jump or the other. Musk himself announced earlier this year that he would create a new social platform to support Dogecoin if the deal with Twitter fell through. That deal has now been finalized.
Should we bid for ultrafast post-quantum Twitter, and an identity-enabled doge sidechain of Cardano customized for social networks? #QuantumDoge
— Charles Hoskinson (@IOHK_Charles) October 29, 2022
Since the tech billionaire not only bought Twitter for $44 billion, but also admits a leadership role in the company, it should be assumed that Musk will also consistently implement his plans with the social network.
If Dogecoin is used as a currency to pay content creators, it would benefit not only the most popular meme coin, but also Cardano. Of course, that’s only assuming Hoskinson’s promotion is successful over the weekend. Cardano’s reputation as one of the most advanced crypto ecosystems is unlikely to fail.
Cardano could even benefit twice from the ADA-DOGE alliance. On the one hand as a smart contract platform that attracts a greater number of developers who build on their blockchain. And on the other hand the capital flowing into the Cardano ADA ecosystem.
Since the Cardano platform gives developers the ability to create decentralized apps,a Twitter integration would be a very promotional collaboration. Even if the expected effect did not succeed on the course after Vasil Cardano’s hard fork in September of this year, Twitter cooperation would be disproportionately more important and could shed new light on Cardano itself.
Photo by AnTa_ranga