Cardano’s founder Charles Hoskinson has an lively social media presence by way of which he maintains engagement with the neighborhood. His newest podcast notably captured the eye of many as a result of it was addressed to Elon Musk on how one can create a decentralized Twitter.
Right here’s AMBCrypto’s worth prediction for Cardano [ADA] 2022-2023
Hoskinson’s proposal urged the Tesla CEO to think about a decentralized overhaul of the decentralized platform by way of Cardano. This was in gentle of the rising considerations concerning censorship. In the meantime, Elon has been attempting to create a greater monetization technique for Twitter.
Video to Elon: Tips on how to Construct Decentralized Twitter Utilizing Doge and Cardano for Revenue and Pleasure https://t.co/g9p1MnSqPZ
— Charles Hoskinson (@IOHK_Charles) November 6, 2022
Hoskinson’s proposal featured concepts on how one can monetize the platform utilizing prediction markets and financial company. He additionally recommended turning tweets into NFTs. The Cardano CEO additional really useful utilizing cryptocurrencies to monetize Twitter.
Potential implications on Cardano and ADA
Historical past has proved that Elon Musk tends to embrace concepts which can be typically thought-about wild or past the traditional scope. It could not be stunning to see the Tesla CEO embrace the Cardano CEO’s concept. A partnership between Twitter and Cardano might additionally show to be monumental.
Extra importantly, it might present a base for extra strong utility for ADA because the potential transaction medium. Such type of adoption would seemingly set off a large demand wave for ADA. Nonetheless, the market to this point didn’t reply aggressively to Hoskinson’s proposal contemplating ADA’s worth motion.
ADA traded at $0.40 as of seven November after a 7% retracement from its newest native peak on 5 November. Nonetheless, ADA’s worth at press time, traded at $0.38 after struggling a worth correction of 5.4% within the final 24 hours.
Nonetheless, opposite to the above-mentioned data, ADA did handle to drag off a 30% upside within the final three weeks. However, its newest upside appears to have encountered resistance close to the $0.43 worth stage. This is identical stage that the worth retraced from within the final three to 4 days.
ADA’s slight draw back additionally mirrored a slight drop in Cardano’s growth exercise. A pointy drop in its velocity was additionally noticed within the final three days, indicating that the bullish momentum was dropping steam.
Quite a few different metrics additionally confirmed that the latest pattern was witnessing a slowdown. For instance, Cardano’s day by day lively addresseses registered an general decline in the previous couple of days. The transaction quantity metric achieved an analogous commentary nevertheless it registered its largest four-week spike between 6 and seven November.
The spike in transaction quantity may be an indicator that bullish demand was recovering. This was contemplating the worth managed to attain a large uptick within the final 24 hours. Thus, overcoming the bearish momentum it gathered through the weekend.
A constructive response from Elon Musk close to Hoskinson’s proposal can be a robust ahead transfer for Cardano. It could additionally seemingly set off one other bull run for ADA.