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- Tesla CEO Elon Musk closes in on Twitter deal finalization
- DOGE Price at the time of writing – $0.05894
- Global hash rate of the Dogecoin blockchain is around 815 TeraHashes per second
According to data from CoinWarz, the global Dogecoin blockchain hash rate has reached a seven-month high of approximately 815 TeraHashes per second (TH/s). The increase in interest in the network may have resulted from Elon Musk’s purchase of Twitter.
Even though the number is still down about 19.4% from the all-time high of 1.34 PetaHashes per second (PH/s) set in April, it shows that there has been a recent uptick in interest in using computing power to get the block reward of the second largest proof-of-work (PoW) blockchain.
Are DOGE investors also preparing for Musk’s Twitter purchase?
This interest likely stems from Elon Musk, CEO of Tesla and a longtime advocate of Dogecoin,’s efforts to acquire Twitter, a microblogging platform. Even though it has been reported that the social media company is taking steps to get ready for the sale, a Bloomberg report says that the deadline for the deal to close is getting closer and closer.
Are DOGE investors also getting ready for Musk’s purchase of Twitter? It is possible that Musk will move to integrate DOGE, the Dogecoin blockchain’s native token, into Twitter following the acquisition of Twitter. The billionaire CEO of Tesla and Boring Company already accepts memecoin as payment and has repeatedly stated that he will continue to support DOGE.
In the meantime, investors in DOGE are also expressing signs of optimism for a price boost following the completion of the purchase. According to a recent report, whale investors have been taking advantage of DOGE’s market presence, particularly BNB Chain whales, who have moved the token back into their top ten largest holdings.
According to CoinMarketCap data, DOGE is currently trading around $0.06, up 0.19 percent over the past 24 hours.
ALSO READ: Not even a single TX has been censored on ETH
Elon Musk and Dogecoin
You can buy or sell Dogecoin at any exchange that offers the digital currency, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any communities that accept Dogecoin.
Dogecoin and Elon Musk’s success Elon Musk’s enthusiasm for Dogecoin is closely linked. At the beginning of 2021, Musk began tweeting about Dogecoin and shared a Lion King DOGE meme. That set off a ferocious DOGE rally with brief pauses before Musk appeared on Saturday Night Live.
DOGE crashed following the SNL appearance, despite Musk’s promises to increase its price. The price of DOGE has decreased by more than 70% from its all-time high in the months that followed, and Musk appears to have lost interest.However, as sporadic tweets indicate, Musk retains control over Dogecoin.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
