At press time, top cryptocurrencies traded in the red. Dogecoin (DOGE) and Cardano (ADA) were down 8.16% and 3.79%, respectively.
Cardano's founder, Charles Hoskinson, says to "ignore the markets." The Cardano creator has often voiced his opinion on the markets, which he believes are disconnected from reality.
Doge is down 15 percent and ada flat. Ignore markets they aren't your friend pic.twitter.com/NTVLCqGHEJ— Charles Hoskinson (@IOHK_Charles) October 30, 2022
Dogecoin liquidations were among the highest among major cryptocurrencies in the past 24 hours, at over $21 million, as bulls took a break from the weekend's advance. An impressive rise over the weekend saw Dogecoin reach a market capitalization of over $16 billion, flipping Cardano (ADA) to ninth spot. On Oct. 27, Tesla CEO Elon Musk announced that he had acquired Twitter.
As a result, investors' enthusiasm caused Doge prices to soar as much as 150% in just days. Musk earlier flirted with the idea of accepting Dogecoin as payment for the social media platform.
Cardano founder Charles Hoskinson believes that Dogecoin has finally found a use case — if it is finally integrated with Twitter. According to the Cardano creator, Musk's takeover of Twitter has increased the probability of DOGE integrating with the social media platform. As reported by U.Today, Hoskinson stated that Dogecoin should be a sidechain on Cardano.
Exactly what Musk intends to do with Dogecoin remains unclear, which leaves an opportunity for speculation and price volatility.
Markets brace for key data release
The outcome of the next Fed meeting, which is scheduled for Nov. 2, will be critical for the cryptocurrency markets.
The trajectory of riskier assets, such as cryptocurrencies, will be decided based on what Fed Chair Jerome Powell signals for the committee's plans in the December meeting, though another 75-basis-point, or 0.75%, rate hike is already expected.