Hoskinson Insists on Dogecoin and Cardano Idea

Cardano founder Charles Hoskinson continues his insistence on making the popular prank-themed coin Dogecoin the sidechain of Cardano.

Cardano founder Charles Hoskinson claimed that Twitter could evolve into a more profitable and fun decentralized platform using Cardano and Dogecoin. Hoskinson also insists on his proposal to make Dogecoin a sidechain of the Cardano network. As a reason, the Cardano founder said that the Dogecoin network will not meet Twitter’s requirements in its current form.

Speaking about DOGE trading, Hoskinson pointed out that a significant portion of the DOGE in circulation is concentrated in a few investors, and warned that large losses could be seen if these investors switch to profit sales. As Hoskinson points out, recent data shows that the top 50 DOGE owners own about 64% of the total supply.

Hoskinson also talks about the lack of utility of the Dogecoin network, and thinks that the price of the coin is mostly dependent on speculative movements. Criticizing this issue, the Cardano founder claims that many crypto assets are in the same situation as DOGE, which misrepresents the crypto space.

In his statement, Hoskinson proposed a hard fork to consolidate the market value of Dogecoin, which has a large individual investor potential, and to have smart contracts. Hoskinson believes the project should create a sidechain on the Cardano network as he continues to believe in DOGE’s potential.

Markus Off Topic

Dogecoin founder Billy Markus, on the other hand, is skeptical of Hoskinson’s proposal for Dogecoin to operate as the Cardano sidechain. Billy Markus thinks that the community will not accept a possible integration because of Hoskinson’s criticism of DOGE. Markus also stated that he is uncomfortable with the fact that the CEO of Cardano only presents DOGE as a speculative asset, and that this applies to all cryptocurrencies.