He runs, he runs Dogecoin (DOGE) – Cryptocurrency is reaching new local highs, as the DOGE community hopes a Twitter, now in the hands of Elon Musk, will boost adoption of the canine token.
Dog time for cryptos… except for Dogecoin
The DOGE ecosystem has been in turmoil ever sinceElon Musk began maneuvers to complete the final acquisition of Twitter.
On October 26, the Tesla founder changed his Twitter bio to “Chif ot Twit” to announce the color, and storms social media headquarters in San Francisco. Two days later, the two parties officially complete the purchase and Elon Musk thus becomes the owner of TwitterOctober 28.
The crypto winter continues to freeze the markets in general. However, the Tesla founder gave a pump that warmed the price of Dogecoin. The price of cryptocurrency has surged over 98% within seven days, according to data from CoinGecko.
Other stats show the early return of summer – which may not last – on the lands of the canine token. 62% of DOGE investors recorded profits on their holdings, according to data from IntoTheBlock. This figure is higher than that of Bitcoin (BTC) and of theEther (ETH)which amount to 54% and 57% respectively.
According to data from CoinMarketCap, Dogecoin is currently the eighth cryptocurrency by market capitalization, ahead of Cardano (ADA) and Solana (SOL).
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The Doge: future official currency of Twitter?
In the current context, this strong enthusiasm around the Dogecoin is not surprising, given the support thatElon Musk has always displayed publicly, vis-à-vis his favorite canine cryptocurrency.
Now, DOGE holders are hoping Twitter will launch initiatives that would encourage cryptocurrency adoption, such as a feature that would allow users of the social network to pay a tip in Dogecoin.
In an October 28 tweet, Cardano founder Charles Hoskinson even contemplates a “real possibility that dogecoin will somehow merge” with Twitter.
By these encouraging perspectives on the development of cryptocurrency, he went so far as to propose a free migration from Dogecoin to Cardanowith a sidechain that would have built-in smart contract functionality.
Will other crypto projects accept that Dogecoin reigns supreme on Twitter? Although its contribution is less, Binance has invested half a billion dollars in it, and the crypto community will probably be curious to know the position of Changpeng Zhao on future integrations of cryptocurrencies to the social network.
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