The global hash rate of the Dogecoin blockchain has hit a seven-month high of around 815 TeraHashes per second (TH/s) according to data from CoinWarz. The spike may have arrived due to the increased buying interest on Twitter fueled by Elon Musk on the network.
The figure, although still down around 19.4% from the all-time high hash rate of 1.34 PetaHashes per second (PH/s) reached in April, indicates a surge in interest in dedicating computing power to bounty-resistant blockchain blocks. of-work (PoW) is the second largest in recent times.
This interest can likely be traced to Tesla CEO Elon Musk, a longtime supporter of Dogecoin, buying the micro-blogging platform Twitter. According to a Bloomberg report, the deadline for closing the deal is drawing near even as the social media company is listed as preparing for sale.
Are DOGE investors also gearing up for Musk’s Twitter buyout?
After the purchase of Twitter, it was speculated that Musk would move to implement the integration of DOGE, the native token of the Dogecoin blockchain, onto Twitter. The billionaire CEO frequently reiterates that he will continue to support DOGE and he already accepts memecoins as payment at his companies, Tesla and Boring Company.
Meanwhile, DOGE investors are also showing signs of optimism for a price pump when the buying is complete. U.Today recently reported that whale investors have absorbed DOGE in the market — especially whales on the BNB Chain, which have pushed tokens back into their 10 largest holdings.
DOGE is trading at around $0.06, up 0.19% over the last 24 hours at the time of writing, according to CoinMarketCap data.
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