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 global crypto rankings.
Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) investors into profit amid speculation that Musk’s Twitter buy are positive for the culture token.
DOGE’s value rallied on October. 26 once billionaire businessperson Elon Musk changed his Twitter bio to “Chief of Twit.” the same day, he visited Twitter’s San Francisco-based headquarters before formally closing the deal because the new owner on October. 28.
In the past seven days, DOGE’s value has surged 98.5% to $0.119 at the time of writing.
This means that as much as 62% of judge holders are “Making cash at Current value,” consistent with knowledge from blockchain intelligence platform IntoTheBlock, that even beats out Bitcoin (BTC) and Ether (ETH) hodlers at 54% and 57%, severally.
The events have additionally triggered DOGE’s market cap to surpass good contract platforms’ native tokens Cardano into changing into the eighth largest cryptocurrency within the world with a $16.3 billion market cap.
The link between Musk’s Twitter purchase and DOGE’s large value surge ought to return 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 October. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is capable of:”
While Dogecoin fan page Doge Whisperer speculated that a Dogecoin-based tip system could be implemented for popular tweets:
Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there is now a “real possibility” of Dogecoin integrating on to Twitter:
Hoskinson then went one step more by providing to migrate Dogecoin onto Cardano as a sidechain with embedded smart contract practicality for free of charge.
( Brayden Lindrea, Cointelegraph, 2022 )