- Cardano Founder’s tweet on Dogecoin increased its price by 1% in 24 hours.
- Hoskinson’s tweet refers to Cardano’s Age of Voltaire and decentralized governance.
- Despite the tweet, Dogecoin’s trading volume remained the same, and Cardano’s price dropped.
Cardano Founder Charles Hoskinson’s tweet about Dogecoin on March 1 has had the crypto community on Twitter confused. Following the post, the cryptocurrency experienced an increase in its price by 1% in just 24 hours.
The Cardano community was taken aback by Charles Hoskinson’s recent tweet, which many speculated about its meaning. According to the comments, some users believed it to be an inside joke or Elon Musk taking over Hoskinson’s account.
However, experts think it is more likely that Hoskinson was referring to the Venetian electoral process that aimed to prevent corruption. In that process, the Doge was elected as the leader.
Moreover, Hoskinson’s “Doge voting” tweet suggests that Cardano is entering the final phase of its roadmap, known as the Age of Voltaire. This era, according to Hoskinson, will showcase decentralized governance in the industry.
The Voltaire phase will enable Cardano to become fully autonomous by introducing a voting and treasury system. As a result, ADA holders will be able to propose network improvements and upgrades, and users will have more control over the network’s direction as they can submit Cardano improvement proposals through voting.
Despite Charles Hoskinson’s tweet, the trading volume of Dogecoin remains at $333,560,713, which has decreased by 0.55%. Thus, it appears that the tweet had little effect on the price of the meme coin.
On the other hand, Cardano’s price has decreased by 0.14% over the last 24 hours and 6.37% in the past seven days. This drop in ADA’s price occurred even as the broader market experienced a recent rise.
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