Musk Buys Twitter, Dogecoin jumps 96.8%!

After a long period of hype and back-and-forth, Tesla CEO Elon Musk has finally completed his acquisition of social media giant Twitter.

Due to Musk’s strong ties to the crypto market, the asset continued to rise after the news had a positive impact on the cryptocurrency DOGE.

Following Musk’s acquisition of Twitter, DOGE’s price has risen 96.8% in the past seven days, lifting it to eighth place in the global cryptocurrency rankings, according to Tokenview data.

Can Musk take Twitter to Web3.0?

Speculation that Dogecoin could thus become a Twitterable currency, or at least a pay/tip option, has included influencers such as Charles Hoskinson, founder of blockchain platform Cardano.

Earlier this year, when Musk was invited to join Twitter’s board of directors, he suggested adding Dogecoin as a payment option for Twitter Blue subscriptions.

Since then, many Dogecoin investors have had high hopes for Musk to integrate Dogecoin into Twitter in some form in the future. So as Musk’s Twitter deal officially closed, Dogecoin went up like crazy.

DOGE data performance: According to Tokenview.io data, the current total number of Dogecoin holding addresses exceeds 5.08 million, and the total number of transactions exceeds 90.9 million.

In terms of trading volume, the daily transaction value of Dogecoin has skyrocketed since October 25, reaching a monthly high of 43.1 billion DOGE on October 29.

In terms of the number of active addresses and new addresses, the peak of the month was also reached on October 29, when the number of daily active addresses and new addresses exceeded 90,000 and 30,000 respectively.

The total daily DOGE fee rose to 67,700 DOGE on October 29, the highest in nearly six months.

In terms of dogecoin Whale, the top three wallet addresses of dogecoin holders have been unusually active in recent days.

In particular, DRSqE, the №3 wallet address, added 50.3 million DOGE holdings as of October 31

According to relevant media reports, Musk’s acquisition of Twitter has benefited 62% of Dogecoin investors, which is higher than the percentage of bitcoin holders (54%) and Ethereum holders (57%).

The jury is still out on whether or how Dogecoin will come to Twitter in the future.

But Musk and Twitter haven’t stopped exploring the Web3 space.

It doesn’t matter from January 2022, when Tesla started accepting DOGE as payment for goods purchases, to Twitter launching Twitter Space and adding various crypto-related features like NFTS to Twitter Blue.

It will be interesting to see if Musk can turn Twitter into a decentralized social media.