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


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Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) buyers into revenue, amid hypothesis that Musk’s Twitter-buy shall be constructive for the meme token.

DOGE’s value 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.

Prior to now seven days, DOGE’s value 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 Value” according to information from blockchain intelligence platform IntoTheBlock — which even beats out Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57% respectively.

The occasions have additionally triggered DOGE’s market cap to surpass good contract platforms Cardano and Solana 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 large value surge ought to come as no shock as many Dogecoin buyers have excessive hopes for Musk — nicknamed “The Dogefather” — to combine Dogecoin onto Twitter in some form or kind.

Dogecoin fanatic and crypto blogger Matt Wallace instructed 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 may very well be applied for well-liked tweets:

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

Hoskinson then went one step additional by offering emigrate Dogecoin on to Cardano as a sidechain with embedded good contract performance without cost.

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

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

The electrical car firm also began accepting Bitcoin-based payment for its cars in Jan. 2021, regardless of the CEO taking the view that Dogecoin is “better suited for transactions” in Dec. 2021.