Dogecoin and Tesla CEO Elon Musk are both two of the biggest highlights in the crypto market this year. While DOGE was once considered a mere “meme coin”, thanks to the marketing efforts of Elon Musk, the altcoin is now the sixth largest cryptocurrency with a market capitalization of over $ 38 billion, although DOGE is not keeping prices as high as it was in early May.

DOGE / USD | Source: TradingView

However, the claim that Dogecoin “was considered a meme coin” is probably wrong, especially since DOGE does not yet have to convince all skeptics in the market. Cardano’s Charles Hoskinson is one of them. I recently speak Lex Fridman said that he did not “understand” the DOGE-related frenzy.

It’s worth noting that the IOHK CEO has also recognized the impact of Musk’s endorsement of Dogecoin. According to him, DOGE was “becoming a big deal” and seemed like a reasonable target for someone to fix. And that’s also what this tech billionaire is trying to do based on concerns like efficiency and speed of transactions with some DOGE developers. Although for Musk this goes against the original intentions.

It should also be emphasized that while Cardano’s creator praised Musk for its “serious” commitment to space, he pointed out the fundamental problems Dogecoin must solve before it can be viewed as a serious and sustained competition with other projects Market. The DOGE’s monetary policy, for example, is a big deal, especially since its unlimited supply limits the notion of scarcity and its ability to become a store of value.

In addition, DOGE is “unevenly distributed”, with the top 90 DOGE addresses holding almost 70% of the total offer. According to Hoskinson:

“You can sell at any price and take profits.”

DOGE distribution | Source: BitInfoCharts

This “smoldering time bomb” is what Dogecoin needs to worry about as retail investors will be the ones who will lose if they fail. Hoskinson added that this would lead the “Elizabeth Warrens * of the world” to step up their efforts to regulate space more strictly.

* Elizabeth Warrens is a US Senator

Here it is worth noting that the CEO’s views are consistent with the views he shared previously. Last month, in his regular update session, Hoskinson comment:

“Mass failure is possible at any time.”

With that in mind, there’s probably a good reason Hoskinson is currently open to the idea of ​​Dogecoin and Cardano working together. Interestingly, when asked if DOGE could be ported to Cardano, the CEO had, reply hilarious highlighting his views on DOGE.

“You can move it entirely to Cardano – spend Cardano’s native asset, name it DOGE. Perform the airdrop and then distribute it to DOGE. “

While Hoskinson previously asked Musk to consult a number of scientific papers in an attempt to “fix” Dogecoin, the fact that the Cardano inventor is more open to taking the initiative opens up many possibilities.

“Will be fun. I’m not averse to the idea of ​​cleaning up the code base.”

Minh Anh

According to AMBCrypto

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