Impressive rise over weekend saw Dogecoin flipping Cardano (ADA) to ninth place
At press time, the top cryptocurrency was trading in the red. Dogecoin (DOGE) and Cardano (ADA) were down 8.16% and 3.79%, respectively.
Cardano’s founder, Charles Hoskinson, says to “ignore the markets.” The Cardano creator has often voiced his opinion on the markets, which he believes are disconnected from reality.
Dogecoin liquidations were the highest among the major cryptocurrencies in the past 24 hours, at over $21 million, as bulls took a break from the weekend advance. An impressive rise over the weekend saw Dogecoin reach a market capitalization of over $16 billion, slipping Cardano (ADA) to ninth place. On October 27, Tesla CEO Elon Musk announced that he had acquired Twitter.
As a result, investors’ enthusiasm caused Doge prices to soar as much as 150% in just days. Musk earlier flirted with the idea of accepting Dogecoin as payment for the social media platform.
Cardano founder Charles Hoskinson believes Dogecoin has finally found a use case – if it is eventually integrated with Twitter. According to Cardano’s creator, Musk’s acquisition of Twitter has raised the possibility of integration with DOGE’s social media platform. As reported by U.Today, Hoskinson stated that Dogecoin should be a sidechain on Cardano.
Exactly what Musk intends to do with Dogecoin remains unclear, which leaves an opportunity for speculation and price volatility.
Markets gear up for major data release
The outcome of the next Fed meeting, which is scheduled for November 2, will be crucial for the cryptocurrency markets.
The trajectory of riskier assets, such as cryptocurrencies, will be decided based on what Fed Chair Jerome Powell signals for the committee’s plans in the December meeting, though another 75-basis-point, or 0.75%, rate hike is already expected.
