Elon Musk Urges Large DOGE Holders To Sell Their Coins

Elon Musk urges the large DOGE holders to start selling the coin and said that if the distribution of the coin doesn’t become more even, he will stop endorsing it so let’s read some more in our latest DOGE news.

Tesla’s CEO Elon Musk urges the large DOGE holders to sell a huge chunk of their DOGE stash to ease up the distribution of the altcoin according to a tweet this morning. Whether this is a joke or not, Dogecoin’s wealth concentration issue is real and the reports suggest a single entity holds more than 27% of the entire altcoin market cap valued at over $7 billion at press time. That puts the entity holdings at $1.8 billion or about the GDP of a mid-sized island nation. In addition, the top twenty DOGE addresses hold about 50^ of the altcoins’ current supply and this could also be crypto exchanges that hold the coin as a reserve in their cold wallets.

If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

— Elon Musk (@elonmusk) February 14, 2021

Musk insisted that this could change for the better as he tweeted:

 “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue IMO.
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Musk’s advocacy for the token will likely not last forever as his replay to the tweet today suggested. He said that if the “whales” didn’t sell their tokens and continue holding on, Dogecoin could lose Musk’s endorsement.  Dogecoin’s concentrated holdings mean there’s a problem for the long-term fundamentals of DOGE so the lack of supply means that the prices can be artificially driven up for the benefit of the larger wallets. With these wallets selling, the price of the token will crash.

Some pros/risks of #Doge.

Pros: Cool, fun, PR manager @elonmusk. Decentralized in the sense there are no "core team". It's abandoned.

Risks:
1 address holds 27% of all #DOGE.
Top 20 addresses holds more than 50%+ of all #DOGE
Kinda "centralized" in that sense.
"abandoned".

— CZ 🔶 Binance (@cz_binance) February 4, 2021

Founded back in 2013 as a joke cryptocurrency, Doge’s value has surged to a market cap of billions of dollars over the years. Many celebrities, rappers, artists, and more tweeted about the meme currency to their followers with the price of the coin surging to $0.07 in the past two months alone.

Tesla’s CEO Elon Musk supports Bitcoin after years of observing it and making comments about it due to his skepticism towards the cryptocurrency. The biggest indication that this could have happened was last Friday when he changed his Twitter bio to “Bitcoin” pumping the price to $8000 but he gave his most clear statement yet.