Elon Musk says he’s got top Dogecoin holders’ back if they’ll sell their coins

Tesla chief executive officer Elon Musk said there’s “too much concentration” among dogecoin holders and said he’ll support them if they dispose of most of their coins.

The SpaceX founder and billionaire who has been a vocal backer of the meme-based virtual currency earlier disclosed he was buying some Doge for his son, so he can be “a toddler hodler,” a crypto slang for a person who holds rather than sell.

The world’s richest man also recently announced that this electric vehicle company purchased $1.5 billion in bitcoin (BTC) and that it plans to use the crypto as a form of payment.

“If major holders of Dogecoin sell most of their coins, they’ll get my full support,” Musk tweeted Sunday evening. “Too much concentration is the only real issue,” according to Bloomberg.

Celebs chip in

Dogecoin (DOGE) has climbed to nearly 1,350% so far this year. Last week, rapper Snoop Dogg temporarily rebranded himself as “Snoop Doge.” Gene Simmons, rock band Kiss frontman, topped that with a “God of Dogecoin” tweet.

Dogecoin has one of the most unequal distributions of the coin in the digital currency market, with nearly 29% being held by just one individual, with the top 12 holders owning almost half of the crypto’s supply.

Musk’s comments on Twitter about cryptocurrency have caused a recent spike in the price of Dogecoin, the 12th biggest digital asset in the world.

No longer a joke

Dogecoin was down almost 8% in the past 24 hours to 6.1 cents, figures from CoinMarketCap shows.

The Shiba Inu-themed token has attracted retail investors this year, soaring to an all-time peak of 8.4 cents last week from around 1 cent at the start of 2021.

Billy Markus started Dogecoin with no serious purpose in 2013 based on the then-popular Shiba Inu dog meme. The virtual coin has a market valuation of more than $8 billion as of Monday.


Image courtesy of TheTalko/YouTube Screenshot

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.