Elon Musk, who is a vocal supporter of Dogecoin, said there is too much concentration of the coins among major holders and he will support them as they sell their coins.
“If major Dogecoin holders sell most of their coins, it will get my full support,” the Co-founder and CEO of Tesla Inc. tweeted Sunday night. “Too much concentration is the only real problem I think (in my opinion).”
Dogecoin fell 7.7% to 6.1 cents in the past 24 hours data from CoinMarketCap. The Shiba Inu-themed digital coin was one of the obsessions of retail investors this year, rising from about 1 cent at the start of the year to a record high of 8.4 cents last Monday.
A brief history of Elon Musk’s recent market-moving tweets
Dogecoin is now the 12th largest cryptocurrency with a Market capitalization of $ 8 billion.
Musk, the richest person in the world, contributed in part to the Dogecoin’s rising popularity with his frequent tweets about it. Last week he said he bought some coins for his son Xso “he can be a toddler hunter,” a term in the crypto community that refers to a person who owns rather than sells.