Elon Musk’s acquisition of Twitter results profitable for Dogecoin holders | The Financial Express

Elon Musk’s acquisition of Twitter results profitable for Dogecoin holders

According to Cointelegraph, on October 26, 2022, DOGE’s price rallied on account of Musk altering his Twitter’s bio to “Chief of Twit”

Elon Musk’s acquisition of Twitter results profitable for Dogecoin holders
In January, 2022, Tesla permitted acceptance of DOGE as a payment mechanism for merchandise purchase

Reportedly, billionaire Elon Musk, CEO, Tesla’s, acquisition of Twitter has resulted in the tipping of 62% Dogecoin (DOGE) investors into profit, during speculation that Musk’s acquisition of Twitter will result into positive developments for the meme token, as reported by Cointelegraph.

According to Cointelegraph, on October 26, 2022, DOGE’s price rallied on account of Musk altering his Twitter’s bio to “Chief of Twit,” the same day when he went to Twitter’s San Francisco-based headquarters before concluding the deal as the new owner on October 28, 2022. In the past one week, DOGE’s price went up 98.5% to $0.119, according to insights by CoinGecko. 

On the basis of information by Cointelegraph, the insights meant that as much as 62% of DOGE holders are being able to clock funds at the current price, as reported by blockchain intelligence platform IntoTheBlock, which even showed going past Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57%, respectively. It also reportedly triggered DOGE’s market capitalisation on account of surpassing smart contract platforms Cardano and Solana to become the eight largest cryptocurrency in the world with a $16.3 billion markey capitalisation, according to CoinGecko. It is believed that the connection between Musk’s Twitter purchase and DOGE’s price surge shouldn’t be a surprise as many Dogecoin investors have high hopes for Musk, for integration of Dogecoin onto Twitter in some shape or form. On October 28, 2022, Matt Wallace, Dogecoin fanatic and cryptocurrency blogger, informed his 678,400 followers about his belief that a Dogecoin-integrated Twitter can bring the potential of Dogecoin’s capability. 

Moreover, Cointelegraph noted that Charles Hoskinson, founder and CEO, Cardano, stated about there being a possibility of Dogecoin integrating on to Twitter. Hoskinson also stated the offering of migrating Dogecoin on to Cardano as a sidechain with embedded smart contract functionality for free. In January, 2022, Tesla permitted acceptance of DOGE as a payment mechanism for merchandise purchases, with Musk also hinting at doing the same thing at SpaceX in May, 2022.

(With insights from Cointelegraph)

Also Read: Onwards and Upwards! Cryptocurrency prices’ continue to rally as Dogecoin posts a surge of 17%

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First published on: 31-10-2022 at 11:17 IST