Dogecoin Sees Price Surge As Investors Anticipate Twitter Integration; Majority of DOGE Hodlers In Profit

Tesla CEO Elon Musk's acquisition of Twitter has brought good fortune to Dogecoin holders. At least 62% of them are currently in profit due to the crypto asset's price surge as the market anticipates DOGE to be integrated into the micro-blogging site Twitter.

Speculations about Dogecoin integrating with Twitter further intensified after Charles Hoskinson, the co-founder of the Ethereum and Cardano blockchain platforms, endorsed the idea. "Now that Twitter is in the hands of @elonmusk I can see a real possibility that DOGE will somehow merge with the platform," Hoskinson said on Twitter over the weekend.

The tweet fetched a lot of positive reactions from members of the Dogecoin and Cardano communities. Many DOGE enthusiasts expressed their excitement toward the idea of DOGE merging with the social media platform.

Since Oct. 26, when Musk acquired Twitter and changed his profile to "Chief Twit," Dgecoin's price surged. He visited Twitter's San Francisco office carrying a sink and officially closed the deal as the platform's new owner on Oct. 28.

Over the span of a few days, DOGE's price skyrocketed 98.5% to $0.119. So what does this mean for Dogecoin holders? According to blockchain intelligence platform IntoTheBlock, it means that 62% of DOGE holders are making money at its current price, beating Bitcoin and Ethereum, which witnessed 54% (BTC holders) and 57% (ETH holders) gain profit.

Moreover, the recent price surge also saw Dogecoin's market capitalization exceed the smart contract platforms of Solana and Cardano. So far, DOGE is the eighth largest cryptocurrency in the world, with a $16.3 billion market cap.

Dogecoin's price surge following Musk's Twitter acquisition should not come as a surprise, especially to the cryptocurrency industry. The tech billionaire is a vocal advocate of the dog-themed meme coin and has used his businesses to endorse the adoption of the crypto asset.

Musk has allowed Tesla to accept DOGE as a form of payment for its merch and is set to allow Starlink to accept Dogecoin as a form of payment. Musk is known as the "DOGE Father," and a few days before he officially purchased Twitter, some crypto investors bought a huge chunk of Dogecoin in anticipation of its potential price surge.

As of 3:06 a.m. ET Monday, Dogecoin was trading down 13.11% at $0.1168 with a 24-hour volume of $6,720,947,841, according to the latest data from CoinMarketCap.