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Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) buyers into revenue amid hypothesis that Musk’s Twitter purchase might be optimistic for the meme token.

DOGE’s value rallied on Oct. 26 when billionaire entrepreneur Elon Musk modified his Twitter bio to “Chief of Twit.” The identical day, he visited Twitter’s San Francisco-based headquarters earlier than formally closing the deal as the brand new proprietor on Oct. 28.

Up to now seven days, DOGE’s value has surged 98.5% to $0.119 on the time of writing, according to CoinGecko.

Which means that as a lot as 62% of DOGE holders are “Making Cash at Present Worth,” according to knowledge from blockchain intelligence platform IntoTheBlock, which even beats out Bitcoin (BTC) and Ether (ETH) hodlers at 54% and 57%, respectively.

The occasions have additionally triggered DOGE’s market cap to surpass good contract platforms’ native tokens Cardano (ADA) and Solana (SOL) into changing into the eighth largest cryptocurrency on the planet with a $16.3 billion market cap, according to CoinGecko.

The hyperlink between Musk’s Twitter buy and DOGE’s huge value surge ought to come as no shock as many Dogecoin buyers have excessive hopes for Musk — nicknamed The Dogefather — to combine Dogecoin into Twitter in some form or kind.

Dogecoin fanatic and crypto blogger Matt Wallace informed his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is able to:”

Whereas Dogecoin fan web page Doge Whisperer speculated {that a} Dogecoin-based tip system may very well be applied for widespread tweets:

Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there’s now a “actual risk” of Dogecoin integrating on to Twitter:

Hoskinson then went one step additional by offering emigrate Dogecoin onto Cardano as a sidechain with embedded good contract performance without cost.

Associated: How Crypto Twitter could change under Musk’s leadership

In Jan. 2022, Tesla began accepting DOGE as a fee technique for merchandise purchases, with Musk additionally hinting at doing the same thing at SpaceX in Could. 2022.

The electrical car firm additionally began accepting Bitcoin-based payment for its vehicles in Jan. 2021, despite the CEO taking the view that Dogecoin is “higher fitted to transactions” in Dec. 2021.