DOGE’s Chances Of Being Merged With Twitter Soar As Hoskinson Proposes Making Dogecoin A Cardano Sidechain
Charles Hoskinson seeks to make ADA a part of Elon Musk-owned Twitter, along with the popular meme token Dogecoin (DOGE). Now that Musk has finalized his $44B Twitter takeover, the Cardano founder is convinced that the social media platform will soon adopt DOGE — as the Tesla billionaire has alluded to on multiple occasions.
Twitter Integrating Dogecoin As A Cardano Sidechain
Elon Musk is now Twitter’s new “Chief Twit”, meaning the microblogging site is up for major changes — all of which seem advantageous to crypto, particularly Dogecoin.
According to the CEO of IOG (formerly IOHK), Charles Hoskinson, there’s “a real possibility” that the leading meme coin DOGE will “somehow merge” with Twitter.
The news of Musk acquiring Twitter kicked off speculation that he would decentralize the platform, making Dogecoin (his favorite crypto) a payment option for services like Twitter’s Blue subscription.
The DOGE price jumped over 80% earlier this week when it emerged that Musk was officially taking ownership of Twitter. At press time, DOGE was the eighth-largest cryptocurrency at a $15.1 billion market cap, changing hands at around $0.11.
When asked whether he thinks Dogecoin will switch to proof-of-stake (PoS) or the proof-of-useful-work (PoUW) consensus protocol now that it’s likely to be incorporated into Twitter, Hoskinson suggested making the doggy-themed crypto a Cardano sidechain instead. The Cardano creator said he was willing to do the migration for free, adding that he would even introduce smart contracts.
Musk Could Pump DOGE To The Moon
Musk has been a long-time backer of dogecoin, although he is being sued for a whopping $258 billion by DOGE investors for allegedly conducting a pyramid scheme with the coin. The eccentric Tesla chief has driven Dogecoin’s success over the past several months with endless tweets and assertions of working with the coin’s developers to help it get ahead of bitcoin.
One of Musk’s priorities as the owner of Twitter is to eliminate bots. The platform has become infamous for them, and they cause real financial damage to cryptocurrency users by scamming them into clicking malicious links. The mercurial billionaire previously floated the idea of using Dogecoin to stamp out these spam bots.
While he has been coy about the details, many pundits believe he will make Dogecoin the crypto of Twitter, potentially encouraging more investment, adoption, and listings. This could drive an already-elevated DOGE to the moon.
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