Elon Musk, CEO of Tesla and owner of Twitter Inc., has made 62% of Dogecoin (DOGE) investors rich due to rumors that the memecoin will gain from Musk’s acquisition of Twitter.
On October 26, the multibillionaire businessman Elon Musk changed his Twitter bio to “Chief of Twit.” On the same day, he also visited Twitter’s offices in San Francisco, and on October 28, he finalised the acquisition as the new owner. The price of DOGE has increased by 98.5% during the past week, according to CoinGecko, reaching $0.119 at the time of writing.
This means that as many as 62% of DOGE investors are “Making Money at Current Price,” according to statistics from IntoTheBlock. This percentage exceeds the holdings of Bitcoin (BTC) and Ethereum (ETH) holders, which were 54% and 57%, respectively.
Events have also caused DOGE’s market cap to surpass that of Cardano and Solana, propelling it to the position of eighth-largest cryptocurrency in the world with a market worth of $16.3 billion.
The responses of the Twitter community
With the stats looking so promising, it appears that DOGE has a bullish path ahead, at least for a while. According to Coinglass, over $8.69 million worth of Dogecoin Futures options were liquidated within the past 24 hours. The majority of Dogecoin liquidations (78.81% of the total) were the result of failed short bets.
In a tweet to over 200,000 followers, the pseudonymous crypto-analyst Smart Ctracter disclosed they are considering shifting their Bitcoin ($BTC) assets into Dogecoin ($DOGE) “at least for the next few months.” This is due to the fact that the DOGE/BTC chart is the “craziest bullish thing” he has seen in “a very long time.”
According to the expert, the bullish aspect of the chart is due to a one-year-old inverted head and shoulders pattern that “barely anyone is talking about.” Importantly, a head and shoulders pattern is a chart pattern that indicates a bullish-to-bearish trend reversal. Therefore, an inverted head and shoulders pattern indicates a trend reversal from bearish to bullish.
According to writer Matt Wallace, integrating Dogecoin into Twitter would demonstrate “what #Dogecoin is capable of.”
According to Charles Hoskinson, CEO and Founder of Cardano, Dogecoin integration on Twitter is now a “real prospect.”
Dogecoin Holders increasing
According to data from IntoTheBlock, the number of addresses holding Dogecoin for more than a year has surpassed 2.81 million. In addition, the number of short-term investors who have held Dogecoin for less than a month has dropped to approximately 132,000, a level not seen since May 2020.
In January 2022, Tesla began accepting DOGE as payment for items, and Musk has intimated that SpaceX may follow suit in May 2022. Even though the CEO indicated in December 2021 that Dogecoin is “more suitable for transactions,” the electric vehicle startup began taking Bitcoin payments in January 2021.