62% of Dogecoin holders are in profit on hopes of Twitter integration!

62% of Dogecoin holders are in profit on hopes of Twitter integration!

Tesla CEO and billionaire Elon Musk’s Twitter acquisition put Dogecoin (DOGE) investors 62% in profit, amid speculation that Musk’s Twitter purchase will be positive for memecoin.

DOGE’s price spiked on October 26 when billionaire entrepreneur Elon Musk changed his Twitter feed to “Head of Twitter”. The same day, he visited Twitter’s headquarters in San Francisco before officially closing the deal as the new owner on October 28.

Over the past seven days, the price of DOGE has risen 98.5% to $0.119 at the time of writing, according to CoinGecko.

This means that as many as 62% of DOGE holders “make a profit at the current price”, according to data from the blockchain information platform IntoTheBlock, which even surpasses bitcoin (BTC) and ether (ETH) holders with 54% . and 57% respectively.

These events saw DOGE’s market capitalization after smart contract platforms Cardano and Solana become the 8th largest cryptocurrency in the world with a market capitalization of $16.3 billion, according to CoinGecko.

The connection between Musk’s purchase of Twitter and the huge surge in the price of DOGE should come as no surprise, as many Dogecoin investors are very hopeful that Musk, known as The Dogefather, will integrate Dogecoin into Twitter in some form .

Dogecoin and crypto fan blogger Matt Wallace told his 678,400 followers on October 28 that he thought this integration would “show what #Dogecoin is capable of”:

Thanks to Elon Musk, Twitter will soon be showing the world what #Dogecoin is capable of!
— Matt Wallace (@MattWallace888) October 28, 2022

Regarding the Dogecoin fan page Doge Whisperer speculated that a Dogecoin-based tipping system could be implemented for popular tweets:

Can’t wait for Twitter to add #dogecoin as a tipping option. What do you think @elonmusk?
— Doge Whisperer (@TDogewhisperer) October 30, 2022

Even Cardano CEO and Founder Charles Hoskinson hinted that there is now a “real possibility” of Dogecoin being integrated with Twitter:

Now that Twitter is in the hands of @elonmusk, I see a real possibility that dogecoin will somehow merge with the platform. — Charles Hoskinson (@IOHK_Charles) October 28, 2022

Hoskinson then went further praising to transfer Dogecoin to Cardano for free as a sidechain, with integrated smart contract functionality.

Also read: How could Twitter’s crypto community change under Musk’s leadership?

In January 2022, Tesla began accepting DOGE as a payment method to purchase products, and Musk indicated that he would do the same at SpaceX in May 2022.

The electric vehicle company also began accepting bitcoin payments for its cars in January 2021, although the CEO felt dogecoin was “better suited for transactions” in December 2021.

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