Elon Musk Says He Will Fully Support Dogecoin if Whales Sell Their Coins

The billionaire CEO of Tesla shocked the entire crypto community on Twitter with an enticing offer he presented to major DOGE holders in his most recent engagement.

Too Much Concentration

He noted that the only thing hindering Dogecoin from becoming the “official currency of the internet” is its high level of concentration among a few wealthy people.

With this minority group owning more than 50% of the entire Dogecoin supply, it becomes increasingly difficult for the cryptocurrency to achieve mainstream adoption.

Additionally, since a large quantity of the coin’s supply is in the possession of a small group of wealthy people, the chances of the coin losing its value due to sudden price crashes are very high.

Therefore, to solve this problem, Musk, who has more than 46 million followers on Twitter, presented these major Dogecoin holders with the offer of liquidating a substantial amount of their DOGE stash in exchange for his full support.

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” Musk said, adding that he will “literally pay actual $ if they just void their accounts.” 

I will literally pay actual $ if they just void their accounts

— Elon Musk (@elonmusk) February 15, 2021

The People’s Crypto

Elon Musk once described Dogecoin in one of his tweets as the “people’s crypto” and even revealed that he purchased the cryptocurrency for his baby son.

Naturally, when it comes to it, it’s rather unclear whether Musk was entirely serious when tweeting the above. It’s also worth noting that the crypto community is somewhat on the fence when it comes to whether or not his constant tweets about Dogecoin are good for the future of the industry. If one thing is true, though, it’s that they’ve caused serious volatility in the altcoin, which is spiking daily.

The game is now in motion, and Elon Musk is the referee. Dogecoin’s future lies in the decision of its major holders. Will they accept or reject the offer? We just have to wait and see.

Featured image courtesy of City AM