Home
News
- Is Charles Hoskinson is supporting Dogecoin?
Founder of Cardano Charles Hoskinson recently feuded with the co-founder of Dogecoin, Billy Markus, on Twitter after Charles’s recent video was deleted from the r/Dogecoin subreddit.
Charles made a video on how Elon musk’s Twitter could integrate the meme cryptocurrency as a Cardano sidechain. Although it seems that the community that developed the meme crypto does not like or appreciate the idea.
After the video of Charles was removed from the subreddit, Markus remembered how the creator of Cardano criticized Dogecoin as a bubble in April 2021 when Bitcoin was trading at its highest prices. Musk toady said that Doge would not use Cardano “for anything.”
While supporting his statement in criticism of the meme crypto Charles said that cryptocurrency ownership is skewed to only limited wallets.
After facing rejection from Marcus to use the Cardano blockchain, Charles accused Dogecoin is having a lack of decentralization.
Charles uploaded a video on his Twitter wall titled “Birthday Musings,” saying he is not retiring from the crypto sector.
Since the last few weeks, Dogecoin prices have risen by more than 110% in just a few days. Some crypto analysts believe that the prices of memecoin hiked as Elon Musk acquired twitter.
Although it could not be said clearly with conviction, given Elon Musk’s actions and outspokenness about Dogecoin, many believe the centi-billionaire might hold the memecoin.
Dogecoin shows a sweet rally and gains its asset price to 150% from the bottom down in the previous week. The month of Nov looks rewarding for Doge because the coin again came in the bullish momentum. The price in the previous week hit a high of $ 0.15810 and now retraces back 26%, now, the bulls cool off their aggressive heats. Doge is now trading at $0.11645 and trades above all the significant moving averages on the daily time frame.
Earlier on 26 November 2022, Hoskinson said that crypto mining should be stopped. The noteworthy digital assets can be converted to wrapped Bitcoins on other networks.
He believes that the proof-of-work(PoW) consensus mechanism is no longer needed because it is the “gold mine” to get crypto assets. Hoskinson highlights that the Bitcoin blockchain is only for crypto mining in recent times. The advancement in uplifting the blockchain has not yet succeeded because it is not designed for the purpose.
Also, crypto mining is highly intensive and consumes a lot of energy. Charles pointed out that the number of Bitcoin left to mine is now less than what is already in circulation. He also remarked on the issue of how continuous crypto mining can harm the environment.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
