Tesla CEO Elon Musk believes that too many dogecoins are in the hands of a few whales and has made a huge offer. He will give his full support if they sell most of their coins and will even pay real money to destroy their coins in some verifiable way. Some believe that the biggest dogecoin holders need to consider Musk’s offer for the long-term health of the meme cryptocurrency.
Great offer from Elon Musk for big dogecoin holders
Elon Musk believes that the uneven concentration of dogecoin in the hands of some owners is the only real problem with the cryptocurrency meme and offered his help to solve the problem.
The CEO of Spacex tweeted Sunday: “If the biggest dogecoin holders sell most of their coins, it will have my full support. Too much concentration is the only real problem for … I will literally pay $ dollars if they simply cancel their accounts. At the time of writing, his original tweet had 24,700 comments and 297,900 likes. His follow-up tweet had 6,400 comments and 93,800 times.
Musk did not clarify what he would like dogecoin whales to do exactly to cancel their accounts and did not specify the amount he is willing to pay them. Tesla’s CEO could mean that he would like to see holders of the biggest dogecoin addresses burn their coins, sending them to addresses without private keys.
According to the Dogecoin Rich List at bitinfocharts.com, one address holds 28.7% of all DOGE and the top 12 addresses, together, contain almost 50% of all dogecoins.
A few hours after his initial offer, Musk was asked, “What would be your acceptable result?” He replied: “~ 5%”. Commenting on an address containing more than 28% of all dogecoins, Musk wrote:
Disturbing concentration.
A Twitter user believe that a similar situation is happening with BTC, given the huge stock of bitcoins by Bitcoin creator Satoshi Nakamoto. “The same with BTC, in fact,” he said and posted an image displaying: “Although the exact number is unknown, it is estimated that Satoshi Nakamoto may have 1 million bitcoins, equivalent to 100,000,000,000,000 satoshis. ” Musk replied, “An acceptable percentage. Doge is much more focused. “
Another Twitter user commented to Musk: “Although the price may not reflect it now, Elon Musk’s ultimatum is good for dogecoin. This shows that his jokes are not just jokes, and that he legitimately sees the potential of dogecoin as the main currency of the internet. He wants DOGE to succeed. Fate loves irony. “
Musk agreed, responding only with, “Absolutely.” Tesla’s CEO also agreed with user tracking demonstration stating:
Whales will have to consider Elon’s ultimatum here. If they obey, dogecoin will become the currency of the internet. If they don’t, or ‘cheat’ by distributing their coins across multiple wallets, he will lose Elon’s endorsement. Easy decision for whales. Do the right thing.
A third Twitter user suggested to Musk: “Develop a new eloncoin, offer it to existing non-important dogecoin holders to void your wallet. You would not need to pay $ to make major dogecoin holders richer than they already are and allocate their time and support to make eloncoin the Earth’s currency. Musk replied, “Only if necessary.”
Musk has long tweeted about dogecoin and the price of the cryptocurrency has skyrocketed after its tweets. Earlier this month, he tweeted, “Dogecoin is the cryptography of the people.” He even revealed why he was tweeting about DOGE: “Occasionally, I make jokes about dogecoin, but it’s supposed to be a joke. Dogecoin was made as a joke to make fun of cryptocurrencies. Obviously. “However, he concluded:” But fate loves irony, and often the most ironic or amusing outcome is the most likely. And I think the most amusing and ironic outcome is that dogecoin will become the currency of the land in future. “
Tesla’s CEO also said last week that he bought some dogecoins for his 9-month-old son. “I bought a dogecoin for lil X, so he could be a baby drunk,” wrote Musk.
What do you think of Elon Musk’s offer to dogecoin whales? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bitinfocharts.com
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