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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) traders into revenue, amid hypothesis that Musk’s Twitter-buy will probably be constructive 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.

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

Because of this as a lot as 62% of DOGE holders are “Making Cash at Present Worth” 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 sensible contract platforms Cardano and Solana into changing into the eighth largest cryptocurrency on the planet with a $16.3 billion market cap, according to CoinGecko.

The hyperlink between Musk’s Twitter buy and DOGE’s large worth surge ought to come as no shock as many Dogecoin traders 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 might be carried out 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 on to Cardano as a sidechain with embedded sensible 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 Might. 2022.

The electrical automobile 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.