Daniel Chapter 5 Vs. 29

 Daniel Interprets the Handwriting

Then commanded Belshazzar, and they clothed Daniel with scarlet, and put a chain of gold about his neck, and made a proclamation concerning him, that he should be the third ruler in the kingdom. Dan. 5:29

commanded Belshazzar... Belshazzar rewarded him according to his word, but Daniel did not exercise third rulership over Babylon due to the fact that the Medes and Persians took over the kingdom that very night (Dan. 5:30). Thus ended the kingdom of Babylon after holding Israel in captivity for 70 years (Jer. 25:1-38; Dan. 9:2).

with scarlet... Purple (Dan. 5:7). Again this refers to being clothed in royal robes of purple (Aramaic: ’argvan, purple).

put a chain... Put the chain of political dignity upon his neck (Dan. 5:7). Again, The working of metals into various ornaments, household articles, and even deities is as old as Tubal-Cain (Gen. 4:22). Chains of gold around the neck indicated political dignity.

that he should... See Dan. 5:7. Rule as one of three, that is, be the third. Nabonidus, the king, was the first ruler. Belshazzar, as coregent, was the second ruler. This would make Daniel the third ruler of Babylon; but he did not get to exercise this power due to the overthrow of Babylon that very night.