- Charles Hoskinson has unveiled a proposal to Elon Musk to integrate Dogecoin on X.
- Dogecoin’s price remains bearish, but the long-term projection is positive.
Charles Hoskinson, founder of the Cardano (ADA) blockchain, recently extended a special deal involving Dogecoin (DOGE) to billionaire entrepreneur Elon Musk. Hoskinson dropped his Dogecoin idea in an X post, tagging Musk, a long-time supporter of the leading memecoin.
Hoskinson’s Bold Dogecoin Idea
Hoskinson asked Elon Musk if he is ready to make DOGE the main currency on social media X, formerly Twitter. The Cardano founder added that an old Bitcoin 2 roadmap he had written years ago could form the base for DOGE’s inclusion on X. He also mentioned Ergo’s tech as another option for a Dogecoin fork.
Notably, the proposed upgrade will require adequate parameters for proper implementation. These include full smart contract support, state channels for super-cheap tipping on X, and a new proof-of-work system to handle Grok AI’s heavy computing. The list also includes Quantum resistance, with the decision up to the Dogecoin community.
When asked how many Dogecoin he owns, Hoskison replied, “None.” However, he thinks the project would be fun, labeling it one of his “sidequests.” Although Hoskinson’s tone appeared relaxed, the tech behind such a project is enormous.
As of this writing, Elon Musk has yet to respond to Hosinson’s idea. However, market participants have speculated a long time ago about Dogecoin becoming part of X. Intriguingly, Musk has played into the hype before as the platform prepares to move into financial services.
As mentioned in our previous news brief, X CEO Linda Yaccarino announced the launch of a peer-to-peer payment functionality on the platform. This move aligns with Elon’s vision of making X the ultimate “everything app.”
Although X initially planned to integrate fiat currencies, the platform’s development hinted at the potential future integration of cryptocurrencies. Shortly after the creation of X Payments, DOGE saw a rally of over 9%, as indicated in our earlier discussion.
Several reports recently claimed that X plans to launch its payment system, X Money, this year. The speculation intensified after a software code leak suggested that X Money may debut sooner than expected. Whether Musk will consider integrating DOGE into X is yet unknown.
Current State of DOGE
The crypto market is still experiencing difficulty as liquidations continue to soar. This broader market sentiment has affected top cryptocurrencies, including Dogecoin.
Currently, DOGE’s price has lost 14.7% of its value within the last 24 hours, setting the price at $0.1894. DOGE is now trading as the ninth-biggest crypto with a market capitalization of $28 billion.
So far, there are no reversal signals for DOGE on the bigger time frame. Nevertheless, Dogecoin could see a breakout if the correction continues to the nearest support level. This potential breakout will likely lead to a further decline to the $0.16 mark.
Meanwhile, market analyst Ali Martinez forecasted that DOGE could hit $4 if it holds above $0.16–$0.19.
Recommended for you:
Credit: Source link
