Elon Musk wants most Dogecoin (DOGE) holders to sell most of their coins

Written by: Ali Raza
February 15, 2021
  • Elon Musk says there is too much concentration of the token and holders need to sell most of their tokens.
  • Dogecoin has grown to become the 12th-largest cryptocurrency by market capitalization.
  • Elon Musk has contributed heavily to the sudden rise and increased interest in the theme-based cryptocurrency.

Billionaire Elon Musk has dropped another hint regarding his thoughts about meme-based cryptocurrency Dogecoin (DOGE).

This time, he believes the token has had too much concentration. He recently stated that Dogecoin will get his complete support if the majority of its holders sell most of their coins.

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“If major Dogecoin holders sell most of their coins, it will get my full support,” he said in a Twitter post.

Musk has always been very vocal about Dogecoin, a cryptocurrency not considered to have a valuable asset backing it up. He talked about the token last week, which drove the price upwards.

Musk contributed hugely to Dogecoin’s rise

While Musk has been very active in the crypto space lately, his company Tesla has also made a major invent, buying $1.5 billion worth of Bitcoin earlier this year.

The company also announced that it will start accepting Bitcoin as a payment option for its car products.

Data from CoinMarketCap shows that the price of Dogecoin dropped by 7.7% to 6.6 cents within the past 24 hours, after hitting an all-time high of 8.4 cents earlier last week. At the beginning of the year, Dogecoin was valued at 1 cent.

Retail investors have shown increased interest in the coin in recent weeks, as many of them are now investing in DOGE. But the price skyrocketed after Musk tweeted that the coin would be the “currency of the earth in future.”

12th-largest cryptocurrency

There is no doubt that Musk, who is now the world’s richest man alive, played a major role in the coin’s rise. Last week, he even revealed he wanted his son, Lil X, to be a toddler hodler, which is why he wants to purchase Dogecoin for him.

To put things into perspective, the token was not among the first 20 cryptocurrencies by market capitalization in the first week of January. Now, it has grown to become the 12th-largest with an $8 billion market cap.