Cardano founder Charles Hoskinson recently sparked discussion within the cryptocurrency community by suggesting a humorous metric to identify the arrival of an altcoin season. Traditionally known for his focus on technological development rather than price speculation, Hoskinson’s post deviated from the norm.
However, it did acknowledge the ongoing shift in the crypto market, where altcoins are experiencing a surge alongside Bitcoin’s impressive climb.
That moment Doge flips Cardano. It's officially alt-season kids pic.twitter.com/cjNGNGKoi3
— Charles Hoskinson (@IOHK_Charles) March 5, 2024
Read Also: Google Bard and ChatGPT Predict Dogecoin (DOGE) Price For The End Of 2024
Dogecoin’s Potential Rise and the Hoskinson Indicator
Hoskinson’s unconventional approach involved a meme, suggesting that the altcoin season might begin when Dogecoin (DOGE) surpasses the Cardano (ADA) market capitalization. This indicator hinges on the market cap disparity between the two cryptocurrencies.
At the time of writing, Cardano had a market cap of $26.2 billion and sat at #8, with Dogecoin trailing closely behind with a market cap of $24.02 billion at #9. Dogecoin is trading at $0.1673, and Cardano is trading at $0.7386. Both cryptocurrencies are down in the past 24 hours, with Dogecoin down 4.65% and Cardano down 5.44%.
However, DOGE is the better-performing cryptocurrency, and should this growth disparity persist, Dogecoin could conceivably surpass Cardano’s market cap in the short term, fulfilling Hoskinson’s indicator and kick-starting the altcoin season.
A community member called out Hoskinson, using his statement to claim that the Cardano founder watches prices. However, Hoskinson stated that he stays informed indirectly, with community members reminding him when Dogecoin rises, which he described as when “the Doge comes roaring.”
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The Altcoin Landscape
While Bitcoin has cemented its position as the industry leader, the altcoin market has many interesting players. The altcoin market often has coins flipping others, like Solana flipping XRP in December 2023, showing how competitive the market can be.
Shiba Inu (SHIB) is one altcoin that capitalized on the current market upswing perfectly. The meme coin’s market cap has skyrocketed to $19.88 billion, propelling it to the number 10 spot in the market cap rankings. Its impressive 220.79% growth over the past 7 days has fueled speculation that it might even challenge Dogecoin’s position as the leading meme coin.
Read Also: Vitalik Buterin Confirms He’ll Help in Moving Dogecoin to Proof-of-Stake (PoS) Network
Hoskinson’s indicator, while lighthearted, highlights the growing momentum within the altcoin market. With Bitcoin nearing its record highs and meme coins experiencing surges, the question of whether a full-fledged altcoin season is upon us remains to be seen.
However, meeting Hoskinson’s requirements might be difficult, as many expect Cardano to explode because of the recent growth in the ecosystem.
Follow us on Twitter, Facebook, Telegram, and Google News
