Dogecoin has been putting on a great rally in the last seven days. The news of Elon Musk acquiring Twitter has triggered the rally. Dogecoin was hovering within a sideways price range in the last few months. However, because DOGE is one of Elon Musk’s favorite cryptocurrencies, his takeover of Twitter created some buzz around the meme coin.
The possibility and speculation of the incorporation of DOGE as a payment method into Twitter has also been a reason for the price hike. With the recent increase in price, several holders are now in profit. According to the data from Intotheblock, 62% of the DOGE holders are in profit from where they initially purchased the token.
Dogecoin wallet addresses enjoy profit as price soars
As per the data, there has been a spike in the profit of holders that went from 48% in May to 62% at the time of writing.
DOGE is currently trading at $0.1176 at the time of writing, with an 11.5% loss in value in the last 24 hours. However, in comparison to other top cryptocurrencies, DOGE has possibly put on the strongest rally in the last seven days.
The meme coin went from a monthly low of $0.05574 to a high of $0.1494 before dropping in value. However, the rally was positive news for the majority of holders as the meme coin showed promise over the last seven days.
Glauber Contessoto, aka the Dogecoin millionaire, put out a tweet as the price of DOGE soared. He tweeted that he is now “half-a-millionaire.” Contessoto officially became a Dogecoin millionaire in April 2021. Nonetheless, he almost lost all of it as DOGE, along with other major cryptocurrencies, slumped in a prolonged bear market.
Dogecoin is now ranked eighth on the basis of the global crypto market cap and is likely to soar if it is incorporated into the Twitter platform.