Following Elon Musk’s purchase of Twitter, Dogecoin has made many new millionaires
In a recent move, Dogecoin (DOGE) It has appreciated considerably, being the leading bullish cryptocurrency in recent days. The reason? The purchase of Twitter by Elon Musk and the businessman assuming the position of CEO of the platform. But does the wave have the strength to continue?
The number of millionaires in Dogecoin increased to 1046 on November 1returning to the 1,000 mark for the first time since April 2022. Notably, the price of DOGE also hit $0.15.
Dogecoin millionaires started to become common in 2021 after some jokes from Elon Musk and some active involvement from the tycoon in the cryptocurrency community. Asset prices soared above $0.50, but the market crash saw the number of millionaires shrink considerably.
The Return of the Dogecoin Millionaires
About 887 people have a balance of USD 1 million or more in Dogecoinaccording to figures provided by cryptocurrency tracking website BitInfoCharts.com.
Additionally, 160 addresses have a total balance of $10 million or more.
According to the data archived at the Wayback Machine, it is possible to note that the number of millionaires on September 11 was 590. This indicates that the number has almost doubled in less than two months, which represents an increase of 77.55%.
It is possible to see the movement of Dogecoin in the last few days, and it really draws a lot of attention from those who look at the charts.
If we look at the monthly chart, the rise is even steeper and makes clear the influence that Elon Musk continues to have on the price of the digital asset.
Can the rise be sustained in the long term?
The price of the coin started rising on the news that Elon Musk and Twitter were close to closing the $44 billion takeover deal and continued its uptrend after the deal was officially concluded.
As a result, Dogecoin’s bull run is almost exclusively related to the hype of Elon Musk’s Twitter buyout.
And just like the hype of 2021, this one probably won’t last long either. But Dogecoin has proven resilient before, with a community very loyal to the project.
