Elon Musk wants large dogecoin holders to sell

Elon Musk want dogecoin moguls to share their wealth.

Billionaire Tesla CEO urged dogecoin’s largest owners to sell most of their holdings as he expressed concern over a small number of people storing too much of the cult cryptocurrency.

“If big Dogecoin holders sell most of their coins, it gets my full support,” Musk said on Twitter Sunday evening. “Too much concentration is the only real problem [in my opinion]. ”

“I literally pay actual $ if they just cancel their accounts,” he added in an early Monday post.

Musk’s first tweet seemed to trigger yet another wild move in the price of dogecoin, a meme-inspired digital currency that was started as a joke.

The price initially jumped minutes after Musk’s tweet, but continued to fall as low as about 4.8 cents late on Sunday, marking a drop of about 45 percent from the all-time high of 8.7 cents it reached last week. according to CoinDesk data.

Dogecoin is named after the popular internet meme with a Shiba Inu.
Dogecoin is named after the popular internet meme with a Shiba Inu.
Yuriko Nakao / Getty Images

The coin paired the loss Monday morning to trade at about 5.8 cents per. 7:18, a decline of 6.5 percent from a day earlier with a market value of about $ 7.5 billion.

Musk’s recent Twitter thoughts on dogecoin – named after an internet meme containing a Shiba Inu dog – suggested that he sincerely invested in the coin despite his frequent jokes about it.

When another Twitter user asked that Musk’s efforts to push large holders to sell were a sign that he “legitimately sees Dogecoin’s potential as the leading currency on the Internet,” Musk replied, “Absolutely.”

But the coin has nonetheless fallen from the all-time high it hit on February 7 as celebrities such as Snoop Dogg and Gene Simmons joined Musk to hype it up.

Musk also claimed last week that he had done so bought some dogecoin for his infant son, X Æ A-Xii, two days after Tesla revealed it had invested 1.5 billion $ Of the company’s cash in bitcoin.

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