The Dogecoin hashrate has seen a significant increase compared to the previous months. As per data, The global hasrate of the Dogecoin blockchain has observed its highest value in the past seven months valuing 815 TeraHashes per second (TH/s).
In April, the Dogecoin network is said to have experienced its highest hashrate at 1.34 PetaHashes per second (PH/s). The current figures are about a 19.4% drop from the all-time high values.
The current surge in the network’s hashrate is expected due to the anticipated Elon Musk’s twitter purchase. The controversy between Elon Musk, the founder and CEO of Tesla, and Twitter has surfaced in the media for a while. It all started on April 14th, when Elon Musk announced to buy Twitter for $54.20 per share. Later on April 25th, Twitter accepted the deal but then by July 8th, Musk wanted to opt-out. Then, Twitter announced to sue Musk, and a five-day trial was announced in October to determine who owns Twitter. Then, at the last moment, it appeared Musk might buy Twitter at the original price quoted and put an end to all this.
Musk has been one of the biggest supporters of Dogecoin since April 2019 and called it his favorite cryptocurrency. Adding on, he said many people who are not wealthy had motivated him to buy and support Dogecoin. Earlier this year, he also stated his support for Dogecoin would continue in the coming years. He mentioned that SpaceX and Boring Company might soon accept Dogecoin as payment for goods, as Tesla already does.
It is speculated that Musk will most likely integrate DOGE, the token of the Dogecoin blockchain, on Twitter following the anticipated purchase. The speculations surface in light of one of Musk’s released conversations regarding Twitter and the integration of blockchain in it from March this year. In the audio, Musk can be heard advocating the concept of a blockchain social media system that would allow brief text messages, links, and payments similar to Twitter. Here, people would be required to pay a nominal fee, which Musk claimed to be around 0.1 Dogecoin to register their message in the chain. The concept also aims to eliminate the vast majority of bots and spam.
This purchase has also spiked the interest of investors towards Dogecoin, given the observation that whale investors are heavily purchasing it. The investors’ optimism towards Dogecoin is based on the hope of Musk’s Twitter purchase and the adoption of Dogecoin charging mechanism as revealed in the leaked audio. If Twitter under Musk starts charging users in Dogecoin, it would create a high demand for it leading to the increase in prices.
At the time of writing, Dogecoin is trading at 0.059 USD, a 0.45% drop from the previous day but a 1.21% surge over the past five days.