The acquisition of Twitter by Tesla CEO and billionaire Elon Musk has pushed Dogecoin (DOGE) buyers into revenue amid expectations that Musk’s Twitter buy could profit the meme token.
Dogecoin value rose on October 26 after billionaire entrepreneur Elon Musk up to date his Twitter bio to Chief of Twit – the identical day he visited Twitter’s San Francisco workplaces earlier than formally buying the corporate on October 28.
DOGE’s price has risen over 100% within the final seven days to $0.122 on the time of writing.
In keeping with statistics from blockchain intelligence firm IntoTheBlock, as many as 62% of DOGE investors are Making Cash at Present Value, beating out Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57%, respectively.
The occasions have additionally triggered Dogecoin market cap to overhaul sensible contract platforms Cardano and Solana, propelling it to the eighth largest cryptocurrency on the planet, with a market dimension of $16.3 billion, in line with CoinCu data.
The connection between Musk’s Twitter acquisition and DOGE’s monumental value improve must be no shock, as many DOGE buyers expect Musk to combine DOGE into Twitter by some means.
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