Elon Musk, who has been a vocal supporter of Dogecoin, said there is too much concentration of coins among its main holders and will support them if they sell their coins.
“If the main owners of Dogecoin sell most of their coins, you will get my full support,” he said. The co-founder and CEO of Tesla Inc. he tweeted Sunday evening. “Too much concentration is the only real problem (in my opinion).”
Second, Dogecoin fell 7.7% in the last 24 hours to 6.1 cents CoinMarketCap data. Shiba Inu-themed digital currency has been one of the obsessions of retail investors this year, rising to an all-time high of 8.4 cents last Monday, from about 1 cent at the start of the year.
A brief history of recent tweets about the Elon Musk market
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 rise in popularity of Dogecoin with his frequent tweets about it. Last week he said he bought some of the coins for his son Lil X, so “it can be a hodler for young children,” a term in the cryptographic community that refers to a person who holds instead of selling.