Dogecoin [DOGE] is on a tear as a result of Musk’s Twitter deal.

Elon Musk, CEO of Tesla and owner of Twitter Inc., has made 62% of Dogecoin (DOGE) investors wealthy amid speculation that the memecoin will benefit from Musk’s purchase of Twitter.

On October 26, Elon Musk, a multibillionaire businessman, changed his Twitter bio to “Chief of Twit.” He also paid a visit to Twitter’s San Francisco headquarters that day, and on October 28, he officially closed the deal as the new owner. According to CoinGecko, the price of DOGE has appreciated by 98.5% over the last seven days to $0.119, at the time of writing.

According to data from IntoTheBlock, this means that as many as 62% of DOGE investors are “Making Money at Current Price.” This figure surpasses that of holders of Bitcoin (BTC) and Ethereum (ETH), who had respective holdings of 54% and 57%.

Events have also caused DOGE’s market cap to surpass Cardano and Solana and move up as the eighth-largest cryptocurrency in the world, with a $16.3 billion market cap.

Reactions from the Twitter community

With the numbers looking so positive, it looks like DOGE is going to have a bullish road ahead, at least for some time now. The last 24 hours saw the liquidation of about $8.69 million worth of Dogecoin Futures options, according to Coinglass. The majority of Dogecoin liquidations (78.81%) were caused by blown-out short bets.

Pseudonymous crypto-analyst Smart Ctracter revealed they are thinking about moving their Bitcoin ($BTC) holdings into $DOGE “for the next few months at least” in a tweet to their over 200,000 followers. This, because the DOGE/BTC chart is the “most crazy bullish” thing he has seen in “a long time.”

The chart’s bullish appearance, according to the analyst, is due to an inverted head and shoulders pattern that has been in place for a year and that “barely anyone is even talking about.” It’s important to note that a head and shoulders pattern is a chart formation that signals a bullish-to-bearish trend reversal. Hence, an inverted head and shoulders pattern signals a bearish-to-bullish trend reversal.

A Dogecoin-integrated Twitter, in the opinion of writer Matt Wallace, would illustrate “what #Dogecoin is capable of.”

Thanks to Elon Musk, Twitter will soon showcase to the entire world what #Dogecoin is capable of!

— Matt Wallace (@MattWallace888) October 28, 2022

Dogecoin integration on Twitter is now a “serious prospect,” according to Charles Hoskinson, CEO and Founder of Cardano.

Dogecoin Holders increasing

According to information from IntoTheBlock, the number of addresses holding Dogecoin for more than a year has hit a new record high of 2.81 million. Additionally, the number of short-term investors who have held Dogecoin for less than a month has fallen to around 132,000 – A level not seen since May 2020.

Tesla started accepting DOGE as payment for goods in January 2022 and Musk has hinted that SpaceX may follow suit in May 2022. Even though the CEO stated in December 2021 that Dogecoin is “better suited for transactions,” the electric vehicle company started accepting Bitcoin-based payments for its cars in January 2021.

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