Dogecoin's price surge results in substantial revenue for owners

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Dogecoin's price surge results in substantial revenue for owners

The acquisition of Twitter by Tesla CEO Elon Musk has resulted in substantial revenue for Dogecoinholders. At least 62% of them are currently in profit due to the cryptocurrency's price surge as the market anticipates DOGE to be integrated into the micro-blogging site Twitter.

Speculations about Dogecoin collaborating with Twitter were further intensified after Charles Hoskinson, the co-founder of the Ethereum and Cardano blockchain platforms, endorsed the idea. On Twitter, Hoskinson said he would be out with his daughter for the rest of the weekend.

The tweet received many positive reactions from members of the Cardano and Dogecoin communities. Many Doge enthusiasts were excited about the idea of DOGE combining with the social media platform.

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

TOGE's price skyrocketed to $0.119 over the period of a few days. What does this mean for dogecoin holders? According to IntoTheBlock, 62% of DOGEholders are making money at their current price, beating Bitcoin and Ethereum, which saw 54% and 57% gain profit.

The recent price surge also resulted in Dogecoin's market capitalization surpassing the smart contract platforms of Solana and Cardano. With a market cap of $16.3 billion, DOGE is the eighth largest cryptocurrency in the world.

The price of dogecoin, which has been boosted by the acquisition of Twitter by Musk, should not come as a surprise, especially to the cryptocurrency industry. The tech billionaire is a vocal voice for the dog-themed meme coin, and has used his firms to endorse the cryptocurrency asset's adoption.

Tesla has been allowed to accept Doge as payment for its merch, and Starlink is set to accept Dogecoin as payment. Musk is known as a successful businessman.