Dogecoin Investors Are Currently Up To 62% As Winners

The acquisition of Twitter by Tesla CEO and billionaire Elon Musk has pushed Dogecoin (DOGE) investors into profit amid expectations that Musk’s Twitter purchase may benefit the meme token.

Dogecoin Investors Are Currently Up To 62% As Winners 4

Dogecoin price rose on October 26 after billionaire entrepreneur Elon Musk updated his Twitter bio to Chief of Twit – the same day he visited Twitter’s San Francisco offices before formally acquiring the company on October 28.

DOGE’s price has risen over 100% in the last seven days to $0.122 at the time of writing.

DOGE daily chart. Source: CoinCu

According to statistics from blockchain intelligence company IntoTheBlock, as many as 62% of DOGE investors are Making Money at Current Price, beating out Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57%, respectively.

The events have also caused Dogecoin market cap to overtake smart contract platforms Cardano and Solana, propelling it to the eighth largest cryptocurrency in the world, with a market size of $16.3 billion, according to CoinCu data.

DOGE currently holds the 8th position in terms of market capitalization. Source: CoinCu

The connection between Musk’s Twitter acquisition and DOGE’s enormous price increase should be no surprise, as many DOGE investors expect Musk to integrate DOGE into Twitter somehow.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.