Dogecoin continues its bull run amid expectations of its integration with Twitter.
Elon Musk, the now owner and sole CEO of Twitter, has hinted at integrating the Dogecoin cryptocurrency into the social network, which ranks eighth in the cryptocurrency market. Using his official Twitter account, Musk shared with his 113 million followers a photo of his pet Floki wearing a T-shirt with the social network's logo. The photo also shows a carved pumpkin with the blue logo.
In October last year, Musk had unveiled his pet Floki, a Japanese Shiba Inu dog that has inspired canine-themed meme tokens such as DOGE and SHIB, posing atop his Tesla vehicle.
What is Elon Musk's relationship with Dogecoin?
Dogecoin is a phenomenon in the world of cryptocurrencies. It was created in 2013 as a joke to Bitcoin and has become one of the largest crypto assets in the world. Currently, Dogecoin's market cap is $18.445 billion, according to data from CoinMarketCap.
Dogecoin’s growth as a cryptocurrency has been heavily influenced by the presence of Elon Musk. For example, last year, the head of the Excession family office and Musk’s right-hand man, Jared Birchall, was appointed as an advisor to the Dogecoin Foundation. Musk even called himself the “Dogefather” and the crypto community supports him.
Tesla, his main company, accepts payments in DOGE for some of its products. His company SpaceX also announced that it will accept the cryptocurrency in its online store and The Boring Company accepts payments in DOGE for its trips on the Loop, the transit system that the company implements in the city of Las Vegas (Nevada).
On the other hand, now that Elon Musk is the owner of the social network Twitter, the crypto community expects Dogecoin to become the new payment method on the social network; which would undoubtedly further strengthen Musk's close relationship with this cryptocurrency.
Over 800 addresses hold over $1 million in DOGE
According to data from the BitinfoCharts platform, there are currently 855 Dogecoin addresses holding $1 million in this cryptocurrency.
Source: BitinfoCharts
Since Elon Musk confirmed the purchase of Twitter, Dogecoin price DOGE has increased by over 117% in the past week. At press time, DOGE is trading at $0,13 per unit. Likewise, other canine-themed cryptocurrencies such as Shiba Inu have benefited from Dogecoin’s bullish rally. SHIB has seen its price rise by 23,6% in the past 7 days.
On the other hand, with the boom that Dogecoin has had in recent days, scam attempts have proliferated in the crypto industry. Blockchain security firm PeckShield detected more than 160 fake Dogecoin contracts recently created on Ethereum and Binance Smart Chain. Among these, about 40 tokens were considered by the firm as “honeypots” due to the possibility of changing the permissions of some wallets, in order to scam unsuspecting users and steal their crypto assets.
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