Updated on January 9, 2023 12:50 PM
Dogecoin has been increasing over the last week due to Elon Musk. The recent acquisition of Twitter by the Tesla CEO has increased interest in the meme-based cryptocurrency asset.
DOGE prices have risen 98.5 percent in the last week after Tesla CEO Elon Musk purchased the cryptocurrency. Dogecoin had been stable in the months before Musk's takeover but has experienced a boom in activity and price since then.
It's been widely rumored that Twitter may begin accepting DOGE as payment, which would account for the most recent price increase. Several holders are making money as a result of the recent price increases.
Data from Intotheblock shows that 62 percent of DOGE holders are making money relative to where they bought the token initially. According to IntoTheBlock, a staggering 62 percent of DOGE holders are profitable, which is more than the equivalent percentages of holders of BTC and ETH (54 percent and 57 percent).
Over the past seven days, Dogecoin (DOGE) has increased more than other leading cryptocurrencies, showing that the bull might be making a fresh start now. On October 26, DOGE's price increased after Musk altered his Twitter bio to "Chief of Twit."
Given that many Dogecoin investors have high expectations for Musk, also known as The Dogefather, to somehow integrate Dogecoin into Twitter, the connection between Musk's purchase of Twitter and DOGE's sharp price increase should not be shocking.
A Dogecoin-integrated Twitter, in the opinion of Dogecoin enthusiast and cryptocurrency blogger Matt Wallace, would show "what Dogecoin is capable of:" he wrote to his 678,400 followers on October 28.
"Twitter will soon show the world what #Dogecoin is capable of thanks to Elon Musk!"- Matt Wallace on October 28, 2022.
A Dogecoin-based tip system might be put in place for popular tweets, according to the Dogecoin fan page Doge Whisperer:
I'm eager for Twitter to introduce #dogecoin as a tipping option- October 30, 2022 - Doge Whisperer.
Dogecoin integration on Twitter is now a "serious prospect," according to Charles Hoskinson, CEO, and founder of Cardano:
Now that Twitter is under @elonmusk's control, I believe there is a good chance that doge will combine with the platform in some way- Charles Hoskinson on October 28, 2022.
Later, Hoskinson took things a step further by providing a free migration of Dogecoin to Cardano as a sidechain with incorporated intelligent contract capability.
Tesla started accepting DOGE as payment for goods in January 2022, and Musk hinted that SpaceX might do the same in May 2022. In January 2021, the electric vehicle manufacturer started taking Bitcoin-based car payments. In December 2021, Dogecoin will be "better suited for transactions," said the CEO.