Elon Musk, the billionaire CEO of Tesla and owner of Twitter, has made 62% of Dogecoin (DOGE) investors wealthy amid rumors that the meme token will benefit from Musk’s purchase of Twitter.
Elon Musk, a multibillionaire businessman, changed his Twitter bio to “Chief of Twit” on October 26. He also paid a visit to Twitter’s San Francisco headquarters that day, and on October 28, he officially closed the acquisition as the new owner.
DOGE Price Increased to $0.119
According to CoinGecko, the price of DOGE has increased 98.5% over the last seven days to $0.119 at the time of writing.
According to data from blockchain intelligence platform IntoTheBlock, up to 62% of DOGE holders are “Making Money at Current Price.” This figure surpasses Bitcoin (BTC) holders and Ethereum (ETH), who have respective holdings of 54% and 57%.
The events have also caused DOGE’s market cap to surpass innovative contract platforms Cardano and Solana and move up to the eighth-largest cryptocurrency in the world, according to CoinGecko, with a $16.3 billion market cap.
The connection between Musk’s Twitter acquisition and DOGE’s sharp price increase should not be a shock to anyone since many Dogecoin holders have high expectations for Musk, also known as “The Dogefather,” to incorporate Dogecoin onto Twitter somehow.
Thanks to Elon Musk, Twitter will soon showcase to the entire world what #Dogecoin is capable of!
— Matt Wallace (@MattWallace888) October 28, 2022
Twitter Integration for Dogecoin
Although the “Doge Whisperer” Dogecoin fan page conjectured that a Dogecoin-based tip system could be put in place for well-liked tweets:
Can’t wait for Twitter to add #dogecoin as an option for tipping
— Doge Whisperer 🐕 (@TDogewhisperer) October 30, 2022
Dogecoin integration on Twitter is now a “real possibility,” according to Charles Hoskinson, CEO, and founder of Cardano:
Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform.
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
Hoskinson then took things a step further by providing free migration of Dogecoin as a sidechain with embedded intelligent contract functionality to Cardano.
A Dogecoin-integrated Twitter, in the opinion of Dogecoin enthusiast and cryptocurrency blogger Matt Wallace, would show “what #Dogecoin is capable of,” he said to his 678,400 followers on October 28.
Tesla Started Accepting DOGE as Payment
Tesla started accepting DOGE as payment for goods in January 2022, and Musk has hinted that SpaceX will follow suit in May 2022.
Even though the CEO stated in December 2021 that Dogecoin is “better suited for transactions,” the electric vehicle company started accepting Bitcoin-based car payments in January 2021.