Tesla’s billionaire CEO shocked the entire crypto community on Twitter with a tempting offer he made to major DOGE owners in his senior year Engagement.
Too much concentration
He noted that the only thing preventing Dogecoin from becoming the “official currency of the Internet” is its high concentration among a few wealthy people.
With this minority owning more than 50% of the entire Dogecoin supply, it is becoming increasingly difficult for the cryptocurrency to achieve general acceptance.
Since a large chunk of the coin supply is owned by a small group of wealthy people, there is a very high probability that the coin will lose value due to sudden price drops.
To address this issue, Musk, who has more than 46 million followers on Twitter, made an offer to these major Dogecoin holders to liquidate a significant portion of their DOGE holdings in exchange for his full support.
“If big Dogecoin holders sell most of their coins, this will have my full support. Too much focus is the only real problem imo, “Musk said, adding that he” will literally pay actual dollars if they just void their accounts. ”
I’m literally going to pay actual $ if they just void their accounts
– Elon Musk (@elonmusk) February 15, 2021
The folk crypto
Elon Musk once described Dogecoin as “folk crypto” in one of his tweets and even revealed that he had bought the cryptocurrency for his young son.
Of course, when it comes down to it, it’s pretty unclear whether Musk was serious when he tweeted the above. It’s also worth noting that the crypto community is on the fence when it comes to whether or not their constant tweets about Dogecoin are good for the future of the industry. However, if one thing is true, it is that they have caused serious volatility in the altcoin that is increasing daily.
The game is now in motion and Elon Musk is the referee. The future of Dogecoin lies in the decision of its major owners. Will you accept or decline the offer? We just have to wait and see.
Selected image courtesy of City AM
SPECIAL OFFER (sponsored)
Binance Futures 50 USDT FREE Coupon: Use this link to register and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get 50% free bonus on every deposit up to 1 BTC.
Comments are closed.