Cardano price has gone through elevated volatility as it crashed by over 8% on Monday. ADA's crash mirrored other cryptocurrencies, including Bitcoin, which dropped below $100,000.
Cardano (ADA) price slipped on Monday after slipping below the $100,000 level. The world’s eighth-largest cryptocurrency dropped by more than 8% in the past 24 hours as other cryptocurrencies also crashed. Bitcoin dropped to $90,997, while Ethereum slipped to $70,067.
The ADA crash came a few days after Charles Hoskinson, the founder of Cardano, offered to help Elon Musk in his plan to use blockchain to reduce government spending. According to Bloomberg, Musk wanted to use blockchain to help the Department of Government Efficiency (DOGE).
Hoskinson was responding to the report in a series of tweets, where he highlighted that Cardano was the only American public blockchain. He added that the chain was the only one to have a constitution voted in by its holders. Other American blockchains that could be used to track government spending include Solana and Hedera Hashgraph.
However, the Bloomberg report also warned that blockchain adoption is not guaranteed to lead to lower costs and higher efficiency. The report cited several companies that adopted blockchain to cut costs but ended up spending more.
If Elon Musk does decide to use Cardano for the DOGE project, it will be a positive development for ADA price.
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