Elon Musk wants Dogecoin moguls to share his wealth.
The billionaire CEO of Tesla urged the major owners of Dogecoin to sell most of their stakes, as he expressed concern about a small number of people accumulating too much of the cult cryptocurrency.
“If the main owners of Dogecoin sell most of their coins, you will get my full support,” Musk said on Twitter Sunday evening. “Excessive concentration is the only real problem [in my opinion]”.
“I will literally pay real dollars if they only cancel their accounts,” added in the early hours of Monday morning.
Musk’s first tweet seemed to spark another wild move in the price of Dogecoin, a meme-inspired digital currency that started out as a joke.
The price initially jumped in the minutes following Musk’s tweet, but fell to about 4.8 cents at the end of Sunday, marking a drop of about 45% from the all-time high of 8.7 cents reached by the last week, according to CoinDesk data.
The currency reduced losses on Monday morning to trading at about 5.8 cents every 7:18, 6.5% less than the day before, with a market value of about $ 7.5 billion.
Musk’s latest Twitter reflections on Dogecoin, so named for an Internet meme that includes a Shiba Inu dog, suggested that he was sincerely invested in the currency despite his frequent jokes about it.
When another Twitter put by the user that Musk’s effort to push large owners to sell was a sign that he “legitimately sees the potential of Dogecoin as the main currency of the Internet,” Musk replied, “Absolutely.”
However, the coin has fallen since its all-time high on February 7, when celebrities like Snoop Dogg and Gene Simmons joined Musk to advertise it.
Musk also claimed last week that he had bought some Dogecoin for his young son, X Æ A-Xii, two days after Tesla revealed he had invested $ 1.5 billion in corporate cash in Bitcoin.