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 can 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.
Up to now seven days, DOGE’s worth has surged 98.5% to $0.119 on the time of writing, in accordance to CoinGecko.
Which means as a lot as 62% of DOGE holders are “Making Cash at Present Value” in accordance to knowledge 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, in accordance to CoinGecko.
The hyperlink between Musk’s Twitter buy and DOGE’s huge worth 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 advised his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is able to.”:
Due to Elon Musk, Twitter will quickly showcase to the whole world what #Dogecoin is able to!
— Matt Wallace (@MattWallace888) October 28, 2022
Whereas Dogecoin fan web page “Doge Whisperer” speculated {that a} Dogecoin-based tip system might be applied for well-liked tweets:
Can’t anticipate Twitter so as to add #dogecoin as an choice for tipping
What do you assume @elonmusk ? pic.twitter.com/b7Eqz9hpEs
— Doge Whisperer (@TDogewhisperer) October 30, 2022
Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there’s now a “actual risk” of Dogecoin integrating on to Twitter:
Now that Twitter is within the fingers of @elonmusk I can see an actual risk that doge will someway merge with the platform.
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
Hoskinson then went one step additional by providing emigrate Dogecoin on to Cardano as a sidechain with embedded sensible contract performance at no cost.
Associated: How Crypto Twitter might change beneath Musk’s management
In Jan. 2022, Tesla started accepting DOGE as a cost methodology for merchandise purchases, with Musk additionally hinting at doing the identical factor at SpaceX in Might. 2022.
The electrical automobile firm additionally started accepting Bitcoin-based cost for its vehicles in Jan. 2021, regardless of the CEO taking the view that Dogecoin is “higher suited to transactions” in Dec. 2021.
