Elon Musk wants Dogecoin moguls to share their wealth.
The CEO of billionaire Tesla urged the largest owners of Dogecoin to sell most of their assets as he expressed concern about a small number of people hoarding too much of the cult cryptocurrency.
“If major Dogecoin holders sell most of their coins, that will get my full support,” Musk said on Twitter Sunday night. “The only real problem is too much concentration [in my opinion]
“I’ll literally pay real $ if they just void their accounts,” he added in the early Monday morning post.
Musk’s first tweet seemed to trigger another wild movement in the price of Dogecoin, a meme-inspired digital currency that started as a joke.
The price initially jumped in the minutes following Musk’s tweet, but fell as low as about 4.8 cents by the end of Sunday, down about 45 percent from its all-time high of 8.7 cents the previous one. week, according to CoinDesk data.
The coin made up for losses on Monday morning, trading at around 5.8 cents each from 7:18 a.m., down 6.5 percent from the day before, with a market value of around $ 7.5 billion.
Musk’s latest Twitter musings on Dogecoin – named after an internet meme featuring a Shiba Inu dog – suggested that he invested genuinely in the coin, despite his frequent jokes about it.
Then another Twitter user posited That Musk’s attempt to induce major holders to sell was a sign that he “rightly sees the potential of Dogecoin as the Internet’s leading currency,” Musk replied “Absolutely.”
But the coin has nevertheless dropped from its all-time high on Feb. 7, when celebrities like Snoop Dogg and Gene Simmons joined Musk to cheer it up.
Musk also claimed last week that he bought some Dogecoin for his infant son, X Æ A-Xii, two days after Tesla revealed it invested $ 1.5 billion from its corporate treasury in Bitcoin.