Elon Musk’s acquisition of Twitter spikes DOGE price enormously

The CEO of Tesla motor and SpaceX, Elon Musk, recently acquired the social media company Twitter for about $44 billion. This acquisition leads investors to a profit of 62% in Dogecoin. This hike has made a positive impression on the meme token among the crowd after the purchase of Twitter Musk.

The DOGE price rallied on Oct. 26 when the entrepreneur Elon Musk changed his Twitter bio to “Chief of Twit” when he visited Twitter’s headquarters in San Francisco to close the deal as the new owner.

According to the data, almost 62% of the DOGE holders are making money at the current price levels, more than Ethereum has 57% holders and Bitcoin has 54%. The DOGE’s $16.3 billion market capital has overshadowed smart contract platforms like Solana and Cardano and become the 8th largest cryptocurrency globally.

Dogecoin has achieved over $89 million in liquidations since Friday as Elon Musk’s Twitter purchase is approved, out of which $52 million originated from small traders or bets against a rise in token price. In the past 24 hours, Dogecoin liquidations have set the highest position having $27 million among all cryptocurrencies. The usual largest figured crypto coins, BTC and ETH, have suffered a low price hike with a loss of $14 M and $12 M, respectively.

There are some Dogecoin predictions from Musk’s followers that shortly, the Twitter and DOGE coins will be interlinked in some form.

The CEO and founder of Even Cardano, Charles Hoskinson, also said there is a strong possibility of Dogecoin integrating with Twitter after it went into Elon Musk’s hands.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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