62% of Dogecoin hodlers in profit amid hopes of Twitter integration


Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) traders into revenue amid hypothesis that Musk’s Twitter purchase shall be optimistic for the meme token.

DOGE’s worth rallied on Oct. 26 when billionaire entrepreneur Elon Musk modified his Twitter bio to “Chief of Twit.” The identical day, he visited Twitter’s San Francisco-based headquarters earlier than formally closing the deal as the brand new proprietor on Oct. 28.

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Up to now seven days, DOGE’s worth has surged 98.5% to $0.119 on the time of writing, according to CoinGecko.

Which means as a lot as 62% of DOGE holders are “Making Cash at Present Worth,” according to knowledge from blockchain intelligence platform IntoTheBlock, which even beats out Bitcoin (BTC) and Ether (ETH) hodlers at 54% and 57%, respectively.

The occasions have additionally triggered DOGE’s market cap to surpass sensible contract platforms’ native tokens Cardano (ADA) and Solana (SOL) into changing into the eighth largest cryptocurrency on this planet with a $16.3 billion market cap, according to CoinGecko.

The hyperlink between Musk’s Twitter buy and DOGE’s huge worth surge ought to come as no shock as many Dogecoin traders have excessive hopes for Musk — nicknamed The Dogefather — to combine Dogecoin into Twitter in some form or kind.

Dogecoin fanatic and crypto blogger Matt Wallace advised his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is able to:”

Whereas Dogecoin fan web page Doge Whisperer speculated {that a} Dogecoin-based tip system might be applied for in style tweets:

Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there may be now a “actual risk” of Dogecoin integrating on to Twitter:

Hoskinson then went one step additional by offering emigrate Dogecoin onto Cardano as a sidechain with embedded sensible contract performance at no cost.

Associated: How Crypto Twitter could change under Musk’s leadership

In Jan. 2022, Tesla began accepting DOGE as a fee methodology for merchandise purchases, with Musk additionally hinting at doing the same thing at SpaceX in Could. 2022.

The electrical car firm additionally began accepting Bitcoin-based payment for its vehicles in Jan. 2021, despite the CEO taking the view that Dogecoin is “higher suited to transactions” in Dec. 2021.