62% of Dogecoin hodlers in profit

• DOGE price rallied 98.5% in the last seven days 
• DOGE Price at the time of writing – $0.1175
• This has pushed the crypto into the eighth position in the global crypto rankings

Speculation that Tesla CEO and billionaire Elon Musk’s purchase of Twitter will benefit the meme token has resulted in the profit of 62% of Dogecoin (DOGE) investors.

When billionaire entrepreneur Elon Musk changed his Twitter bio to read “Chief of Twit,” the price of DOGE shot up on October 26. 

He paid a visit to Twitter’s headquarters in San Francisco on the same day before officially completing the transaction on October 28 as the new owner.

According to CoinGecko, the price of DOGE has increased by 98.5 percent to $0.119 at the time of writing.

ADA Price at the time of writing – $0.4031

According to data from the blockchain intelligence platform IntoTheBlock, this indicates that as many as 62% of DOGE holders are “Making Money at Current Price.” This percentage is even higher than the percentage of holders of Bitcoin (BTC) and Ether (ETH), which is 54% and 57%, respectively.

According to CoinGecko, the events have also caused DOGE’s market cap to surpass that of the native tokens of smart contract platforms Cardan and Solana, making it the eighth-largest cryptocurrency in the world with a $16.3 billion market cap.

Since many Dogecoin investors have high hopes that Musk, also known as The Dogefather, will incorporate Dogecoin into Twitter in some way, the connection between Musk’s purchase of Twitter and DOGE’s massive price surge should not come as a surprise.

Matt Wallace, a crypto blogger and ardent supporter of Dogecoin, stated to his 678,400 followers on October 28 that he was of the opinion that a Dogecoin-integrated Twitter would demonstrate the capabilities of #Dogecoin.

ALSO READ: Twitter Loses its Most Active Users 

SOL Price at the time of writing – $32.95

Then, Hoskinson went one step further and offered to migrate Dogecoin for free onto Cardano as a sidechain with smart contract functionality embedded.

Tesla began accepting DOGE as a method of payment for merchandise purchases in January 2022, and Musk also hinted that SpaceX would follow suit in May 2022.

Despite the CEO’s belief that Dogecoin is “better suited for transactions” in December 2021, the electric vehicle company also began accepting Bitcoin-based payment for its vehicles in January 2021.

The proof-of-history (PoH) consensus that Anatoly Yakovenko developed is one of the essential innovations that Solana brings to the table. The protocol’s scalability is enhanced by this idea, which also improves its usability.

Because of the extremely short processing times offered by the blockchain, Solana is well-known in the cryptocurrency industry. With Solana’s hybrid protocol, transaction and smart contract execution validation times can be significantly reduced. Solana has also attracted a lot of interest from institutions due to its lightning-fast processing times.

The Solana protocol is designed to meet the needs of both small and large businesses. One of Solana’s main promises to customers is that they won’t be caught off guard by rising taxes and fees. The protocol’s design ensures both scalability and quick processing while maintaining low transaction costs.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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