Charles Hoskinson suggests making DOGE a Cardano sidechain

Well-known trader Peter Brandt has come to the conclusion that the DOGE bear market, which begins in May 2021, can be considered completed. The expert expressed this opinion after the price of the meme crypto-coin soared by more than 90% (according to Coinmarketcap) after Elon Musk bought Twitter.

“This is called the bear channel, the violation of which ended the bear market that had started at the high in May 2021,” Brand wrote on his social networks, posting the DOGE chart.

At the same time, Brandt warned traders against a common mistake when community members believe that the end of a bear market automatically means the beginning of a bull market.

“A common mistake made by beginners and would-be traders is that the end of a bear market is automatically a signal that a bull market has begun. This assumption is most often wrong,” said the trader.

Some of the users reacted to his post by opining that Dogecoin’s current position could be a false upward move. Many believe that the sharp rise in the exchange rate of the meme cryptocurrency is a consequence of the “Elon effect”.

Previously, the words and actions of Musk have repeatedly influenced the growth in the value of Dogecoin. For example, Tesla’s CEO said in June that he would continue to buy and support DOGE, repeatedly emphasizing that the token has potential as a currency.

The creator of Cardano, Charles Hoskinson, voiced the opinion that after the deal between Musk and the founders of Twitter, DOGE could be implemented into the platform.

One user pointed out the difficulties of Dogecoin, including the significant concentration of the crypto asset in the hands of large investors and the lack of support for NFTs. To this, Hoskinson stated that it would be logical to make Dogecoin a Cardano sidechain. The developer noted that the creators of DOGE can also transfer the crypto coin to the ecosystem of his project.

“It should be a Cardano sidechain. I would do the migration for free. Hell, I would even add smart contracts,” he said.

What do you think of this idea?