Elon Musk, who has always supported Dogecoin, said that there is too much concentration of coins among its main holders and that it will support them if they sell their coins.
“If the biggest Dogecoin holders sell most of their coins, he will have my full support,” The co-founder and chief executive of Tesla Inc. tweeted on Sunday night. “Too much concentration is the only real problem for me (in my opinion).”
Dogecoin fell 7.7% in the last 24 hours to 6.1 cents, according to CoinMarketCap data. The digital currency with the Shiba Inu theme has been among the obsessions of retail investors this year, reaching a high of 8.4 cents last Monday, compared to about 1 cent at the beginning of the year.
A brief history of Elon Musk’s recent market change tweets
Dogecoin is now the 12th largest cryptocurrency with a market value of $ 8 billion.
Musk, the richest person in the world, partly contributed to Dogecoin’s growing popularity with his frequent tweets about him. Last week, he said he bought some of the coins for his lil son X, so “he may be a baby hodler”, a term in the cryptographic community that refers to a person who insures rather than sells.