The acquisition of Twitter by Tesla CEO and billionaire Elon Musk has swung 62% of Dogecoin (DOGE) investors into profit, amid speculation that Musk’s purchase of Twitter will be positive for the token same.
DOGE’s price rose on October 26 when billionaire entrepreneur Elon Musk changed his Twitter bio to ‘Chief of Twit’ – the same day he visited Twitter’s San Francisco headquarters before officially closing the deal as new owner on October 28.
Over the past seven days, the price of DOGE has jumped 98.5% to $0.119 at the time of writing, according to CoinGecko.
This means that up to 62% of DOGE holders “make money at the current price” according to data from blockchain intelligence platform IntoTheBlock – which beats even Bitcoin (BTC) and Ethereum (ETH) hodlers. at 54% and 57% respectively.
The events also prompted DOGE’s market cap to overtake smart contract platforms Cardano and Solana to become the 8th largest cryptocurrency in the world with a market cap of $16.3 billion, according to CoinGecko.
The connection between Musk’s Twitter buy and DOGE’s massive price spike should come as no surprise, as many Dogecoin investors have high hopes for Musk – nicknamed “The Dogefather” – to integrate Dogecoin into Twitter under a form or another.
On October 28, Matt Wallace, Dogecoin fanatic and crypto blogger, told his 678,400 followers that he thought a Dogecoin-integrated Twitter would show “what #Dogecoin is capable of.”
Thanks to Elon Musk, Twitter will soon show the world what #Dogecoin is able to!
—Matt Wallace (@MattWallace888) October 28, 2022
While the Dogecoin fan page “Doge Whisperer” speculated that an advanced Dogecoin-based system could be implemented for popular tweets:
Can’t wait for Twitter to add #dogecoin optional for tip
— Doge Whisperer (@TDogewhisperer) October 30, 2022
Even Cardano CEO and Founder Charles Hoskinson weighed in – stating that there is now a “real possibility” of Dogecoin integration on Twitter:
Now that Twitter is in the hands of @Elon Musk I see a real possibility that doge somehow merges with the platform.
—Charles Hoskinson (@IOHK_Charles) October 28, 2022
Hoskinson then went further by offer to migrate Dogecoin to Cardano as a sidechain with built-in smart contract functionality for free.
Related: How Crypto Twitter Could Change Under Musk’s Leadership
In January 2022, Tesla began accepting DOGE as a form of payment for merchandise purchases, with Musk also hinting at doing the same at SpaceX in May. 2022.
The EV company also started accepting Bitcoin-based payment for its cars in January 2021, although the CEO felt Dogecoin is “better suited for transactions” in December 2021.