Dogecoin Hash Rate Hits 7-Month High Amid Elon Musk’s Twitter Drama

19 October 2022

in DOGE

Reading Time: 2 mins read

Wahid Pessarlay

Dogecoin network hash rate rises to 7-month high as Tesla CEO Elon Musk closes in on Twitter deal finalization

The global hash rate of the Dogecoin blockchain has hit a seven-month-high value of around 815 TeraHashes per second (TH/s) according to data from CoinWarz. The spike might have arrived due to Elon Musk’s Twitter purchase-fueled increase in interest in the network.

Dogecoin Hash Rate - Oct. 19, 2022 — Source: CoinWarz

The figure, while still being a decrease of about 19.4% from the all-time high hash rate of 1.34 PetaHashes per second (PH/s) reached back in April, indicates a surge in interest in dedicating computing power to earn the block reward of the second largest proof-of-work (PoW) blockchain lately.

This interest can likely be traced to moves being made by Tesla CEO Elon Musk, a long-time proponent of Dogecoin, to buy the micro-blogging platform Twitter. According to a Bloomberg report, the deadline for the closure of the deal is rapidly approaching even as the social media company has been noted to be making moves in preparation for the sale.

Are DOGE investors also preparing for Musk’s Twitter purchase?

After the Twitter purchase, it is speculated that Musk will move to implement the integration of DOGE, the native token of the Dogecoin blockchain, on Twitter. The billionaire CEO has often reiterated that he will continue to support DOGE and he already accepts the memecoin as payment at his companies, Tesla and Boring Company.

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Meanwhile, DOGE investors are also showing signs of optimism for a price pump when the purchase is completed. U.Today reported recently that whale investors have been soaking up DOGE in the market — especially whales on the BNB Chain who have pushed the token back into their top 10 biggest holdings.