Oct 31, 2022 11:04 UTC
Oct 31, 2022 at 11:04 UTC
62% of Dogecoin holders in profit amid hopes of Twitter integration
DOGE value rallied 98.5% within the last seven days following Elon Musk’s acquisition of Twitter, pushing the crypto into the eighth position in international crypto rankings.
Tesla CEO and rich person Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) investors into profit amid speculation that Musk’s Twitter purchases are positive for the acculturation token.
DOGE’s value rallied on Oct. 26 once rich person entrepreneur Elon Musk modified his Twitter bio to “Chief of Twit.” On the same day, he visited Twitter’s San Francisco-based headquarters before formally closing the deal because of the new owner on Oct. 28.
In the past seven days, DOGE’s value has surged 98.5% to $0.119 at the time of writing, in keeping with CoinGecko.
This means that the maximum amount as 62% of DOGE holders are “Making cash at Current value,” in keeping with information from blockchain intelligence platform IntoTheBlock, that even beats out Bitcoin (BTC) and Ether (ETH) holders at fifty four and fifty seven, severally.
The events have additionally triggered DOGE’s market cap to surpass good contract platforms’ native tokens Cardano (ADA tickers down $0.411) and Solana ( SOL tickers down $34) into turning into the eighth largest cryptocurrency within the world with a $16.3 billion market cap, in keeping with CoinGecko.
The link between Musk’s Twitter purchase and DOGE’s large value surge ought to come back as no surprise as several Dogecoin investors have high hopes for Musk — nicknamed The Dogefather — to integrate Dogecoin into Twitter in some form or kind.
Dogecoin fanatic and crypto blogger Matt Wallace told his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is capable of:”
Thanks to Elon Musk, Twitter can shortly showcase to the whole world what #Dogecoin is capable of!
— Matt Wallace (@MattWallace888) Oct 28, 2022
While Dogecoin fan page Doge verbalizer speculated that a Dogecoin-based tip system might be enforced for widespread tweets:
Can’t expect Twitter to feature #dogecoin as a choice for tipping
What does one assume @elonmusk ? pic.twitter.com/b7Eqz9hpEs
— Doge whisperer (@TDogewhisperer) Oct 30, 2022
Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there’s currently a “real possibility” of Dogecoin integration on to Twitter:
Now that Twitter is within the hands of @elonmusk I will see a true risk that Doge can somehow merge with the platform.
— Charles Hoskinson (@IOHK_Charles) Oct 28, 2022
Hoskinson then went one step further by migrating Dogecoin onto Cardano as a sidechain with embedded good contract practicality for complimentary.
In Jan. 2022, Tesla began accepting jurist as a payment methodology for merchandise purchases, with Musk additionally hinting at doing an identical issue at SpaceX in May. 2022.
The electric vehicle company additionally began accepting Bitcoin-based payment for its cars in January. 2021, despite the CEO taking the read that Dogecoin is “better fitted to transactions” in Dec. 2021.