- Dogecoin (DOGE) experiences a 10% rise due to speculation around its integration into Twitter’s rebranded platform, X, resulting in futures traders incurring nearly $10 million in losses.
- Experts argue that Cardano’s ADA should be considered by Elon Musk for crypto payments on X, given its robust technology, scalability, and alignment with Musk’s sustainable vision.
Dogecoin (DOGE), a cryptocurrency initially created as a meme, continues its ascent for the second day in a row. The rally is largely driven by speculation of DOGE playing a significant role in X, the reimagined platform of Twitter.
DOGE’s Rise and the Ripple Effect
CoinGecko’s data reveals a sharp increase of 10% in DOGE’s price over the past 24 hours, pushing it over 7.7 cents. Trading volumes swelled to $2.3 billion, with the South Korean exchange UpBit, famous for its speculative appeal, contributing significantly to this increase.
However, this surge had a knock-on effect, with futures traders enduring almost $10 million in losses due to the DOGE price volatility, as per Coinglass data.
The prospect of X, formerly Twitter, accepting DOGE tokens in the near future is generating buzz in the crypto community. Elon Musk’s seemingly unswerving fascination with the meme coin lends credence to these predictions. Tomer Nuni, CMO at Kryptomon, echoed this sentiment, proposing that DOGE could be used for advertising and other services on X.
Looking Beyond DOGE: Cardano’s Promise
While the DOGE fever grips the market, another potential candidate is making waves: Cardano’s ADA. Designed as a social and financial operating system, Cardano already empowers individuals from underserved regions to partake fully in the digital economy – an initiative that aligns seamlessly with X’s vision of global connectivity.
Cardano is built to be a social & financial operating system of the world, so here are reasons @elonmusk should consider ADA as a crypto payments option on X:
🔗Unlocking Global Connectivity: Cardano's technology empowers people from underserved regions to participate fully in…
— Dan Gambardello (@cryptorecruitr) July 25, 2023
Cardano’s commitment to scalability and decentralization fits perfectly into the mold of what X aims to become. With its rapidly evolving blockchain, Cardano is positioned to deliver a seamless experience on X, as it gears up to accommodate future finance developments.
Moreover, ADA’s swift transaction speeds and low fees have the potential to refine the X user experience, paving the way for seamless integration of ADA transactions on a massive scale. This could empower creators, entrepreneurs, and everyday users, injecting an element of fun into their ADA transactions.
In the realm of sustainability, Cardano’s proof-of-stake mechanism resonates with Musk’s sustainable energy vision. An alliance with Cardano could position X at the forefront of the drive toward this objective.
Therefore, as the anticipation around DOGE’s role in X continues, the blockchain community is keeping a keen eye on the potential of Cardano’s ADA to further revolutionize the platform.