Elon Musk, CEO of Tesla Motors and SpaceX, recently bought social media company Twitter for about $44 billion. The acquisition gave investors a 62% profit in Dogecoin. After buying Twitter Musk, the uptick created a positive impression of the meme token in the crowd.
DOGE prices rose on Oct. 26, when entrepreneur Elon Musk changed his Twitter bio to “Twit CEO” while visiting Twitter’s San Francisco headquarters to close the deal as the new owner “.
According to the data, almost 62% of DOGE holders are making money at current price levels, outpacing Ethereum’s 57% and Bitcoin’s 54%. DOGE’s $16.3 billion market cap surpassed smart contract platforms like Solana and Cardano to become the world’s eighth-largest cryptocurrency.
Dogecoin has seen more than $89 million in liquidations since last Friday as Elon Musk’s Twitter purchase was approved, with $52 million coming from small traders or bets on the coin’s price increase. Dogecoin liquidations hit the highest level of any cryptocurrency at $27 million in the past 24 hours. Usually the biggest cryptocurrencies, BTC and ETH, surged in price, losing $14 million and $12 million, respectively.
Musk’s followers have some Dogecoin predictions, and soon, Twitter and Dogecoin will be correlated in some form.
Even Cardano CEO and founder Charles Hoskinson also said that Dogecoin is likely to integrate with Twitter after falling into the hands of Elon Musk.
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