“Sell your Dogecoins and it will get my full support”
One of the most high-profile crypto proponents, Elon Musk, has been regularly tweeting in support of Dogecoin & Bitcoin for some time now. His love for Dogecoin has been common knowledge in the crypto world, but it entered a new dimension after the Robinhood & Dogecoin fiasco. Recently, he tweeted again about Dogecoin, where he said that Musk is ready to purchase DOGE from the majority of Dogecoin holders. He aims to build DOGE the currency of the internet and to make this a reality Musk has offered to buy out DOGE holdings of Dogecoin whales.
The richest man in the world, Musk, seemingly criticized the Dogecoin whales for hoarding large quantities of Dogecoin. Musk believes that the Dogecoin whales are the only thing that is acting as a roadblock for Dogecoin and preventing it from coming mainstream. He strongly believes that Dogecoin has real potential to become the people’s crypto. It even could become Mars’ official currency.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
Musk further added:
“I will literally pay actual $ if they just void their accounts.”
Are Dogecoin Whales the Problem?
Indeed, Dogecoin whales hold way too much Dogecoin, and this is a big issue. During the time of Musk’s recent tweet on Dogecoin, a single address had over 25% of 128 billion Dogecoin, the entire supply of Dogecoin in circulation.
The next 19 largest Digital wallets in terms of Dogecoin holdings account for 25% of the entire Dogecoin supply in circulation. It means that 20 individuals hold more than 50% of the entire Dogecoin in supply today.
Did Musk’s Ultimatum Work?
It sure seems that it did work as the number of DOGE whales with more than 1+ billion Dogecoins is dwindling. There were 12 addresses with 1+ billion Dogecoins, which is now down to 7 already this one day after his tweet.