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Tesla CEO in support of Dogecoin holders

Elon Musk, who has always favored Dogecoin since its inception, made an important announcement regarding the sale of controlling interests. He said the coins are too concentrated among their holders and because of this, if the holders decide to sell the bulk of their holdings, they will get his support. In a subsequent tweet, he also made it clear that he would pay the amount if the big Dogecoin holders “invalidate their accounts”.

Elon Musk calls Dogecoin his “favorite” cryptocurrency and often tweets about Dogecoin, which contributed to its growing popularity, which was once referred to as the “joke cryptocurrency”. Now Dogecoin is the twelfth largest cryptocurrency with a market cap of $ 8 billion.

Tesla CEO in support of Dogecoin holders

Musk’s frequent tweets in praise of Dogecoin sparked the recent retail investment frenzy, propelling Dogecoin prices to their all-time high. He said he bought Dogecoin for his son so he could also become a toddler holder of his favorite cryptocurrency. Dogecoin has become a retail investor obsession this year, hitting an all-time high of 8.4% last Monday. With the price up 600% since January, developers who have long ditched the coin they call the meme coin are back on track and planning to invest in the crypto coin.

Elon Musk believes the currency is being underestimated, and so urges Dogecoin senior advisor Ross Nicoll to update the software to keep the currency operational. In the meantime, Ross, along with other renowned developers, will be releasing a major version to solve Dogecoin security and scalability problems.

According to Nicoll, they will always prioritize security for updating the software. However, it does not delay development, it looks for security and scalability issues to ensure that the software is kept up to date.

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