Now that Elon Musk is the new Twitter owner, the DOGE price has increased 98.5% in the last seven days.
DOGE/USD 1 month price chart
Elon Musk, the billionaire CEO of Tesla and now the owner of Twitter, has made 62% of Dogecoin (DOGE) investors wealthy amid rumours that the meme currency will benefit from Musk’s purchase of Twitter.
Elon Musk altered his Twitter bio to “Chief Twit ” on October 26. He also paid a visit to Twitter’s San Francisco offices that day, and on October 28 he formally closed his acquisition of Twitter as the new owner.
The DOGE price has increased about 98.5% over the past week.
According to statistics from the blockchain intelligence site IntoTheBlock, as many as 62% of DOGE investors are “making money at the current price.” Notably, this figure surpasses that of the holders of Bitcoin (BTC) and Ethereum (ETH), who had respective holdings of 54% and 57%.
iven that many Dogecoin investors have high expectations of Musk- also known as “The Dogefather”- to integrate Dogecoin into Twitter in some way, the connection between Musk’s purchase of Twitter and DOGE’s steep price increase is not exactly a surprise.