Is Elon Musk the biggest Dogecoin whale in history and will DOGE be the native currency of Twitter? Report

  • If Twitter integrates Dogecoin as a form of payment, over 200 million users could potentially become DOGE customers indirectly.
  • Dogecoin has gained over 27 percent YTD fueled by Musk’s recent tweets.

The Dogecoin (DOGE) market has attracted global cryptocurrency traders’ attention primarily due to the immense support from tech billionaire Elon Musk. In 2021, Musk announced SpaceX, his space exploration company, would launch a satellite dubbed Doge-1 to the moon and will be paid for in Dogecoin. As the first meme coin and crypto to have a mission in space, the Dogecoin market has continued to thrive over the years.

Later the same year, Musk tweeted that he bought some Dogecoin for his son, X, in order to be a ‘toddler holder’.

Following the endorsement, Dogecoin’s price has skyrocketed in the past and managed to remain among the top traded digital assets. According to the latest crypto market data, the Dogecoin price has gained approximately 27 percent YTD to trade around $0.089 on Thursday. In the crypto derivatives market, approximately $8.6 million has been liquidated from the Dogecoin ecosystem in the past 24 hours.

With a trading volume of approximately $1.6 billion, Dogecoin enjoys a total of over 5.2 million holders according to on-chain data from Tokenview. As the second largest proof-of-work (PoW) secured blockchain, Dogecoin has attracted notable institutional investors who act as miners and gatekeepers.

As of today, the Dogecoin network reported a total hashrate of 725.83 (TH/s) and a mining difficulty of about 10.33 million. On the other hand, the Bitcoin network reported a total hash rate of approximately 399.00 Exahashes/s and a mining difficulty of about 46,843,400,286,277. 

Dogecoin and Twitter adoption

Earlier this week, Musk changed the popular Twitter bird logo to a Doge avatar. As a result, the global Dogecoin community was significantly thrilled, thus the recent spike to $0.1. However, the Dogecoin price has since dropped approximately 9.4 percent in the last 24 hours. With the Dogecoin avatar already integrated into the Twitter platform, the community believes it is only a matter of time before the tech billionaire uses the meme coin as a form of payment. 

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Moreover, Musk has previously noted that Twitter’s acquisition was meant to accelerate his all-in-one Web3 up dubbed As of the second quarter of last year, Twitter reported the number of monetizable daily active users (mDAUs) at approximately 196.3 million. 

If Twitter integrates Dogecoin as a form of payment, over 200 million users could potentially become DOGE customers indirectly.

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Side notes

Meanwhile, things are not all rosy for Musk with Dogecoin pumps in the United States. According to court filings, Musk, and his lawyers ask a Manhattan judge to drop a $258 billion lawsuit, in which Dogecoin investors accuse the billionaire of pumping the meme coin over 36,000 percent and then letting it crash.

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said.

This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.

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