Elon Musk wants Dogecoin tycoons to share his wealth.
The billionaire CEO of Tesla asked Dogecoin’s biggest owners to sell most of their stakes, expressing concern that a small number of people accumulate much of the cult cryptocurrency.
“If the biggest Dogecoin holders sell most of their coins, he will have my full support,” Musk said on Twitter Sunday night. “Too much concentration is the only real problem [in my opinion]. “
“I will literally pay $ reais if they just cancel their accounts,” he added on Monday morning’s post.
Musk’s first tweet seemed to trigger another wild move in the price of Dogecoin, a meme-inspired digital currency that started out as a joke.
The price initially jumped minutes after Musk’s tweet, but fell to about 4.8 cents on Sunday, marking a drop of about 45% from the 8.7 cents it hit last week, according to data from CoinDesk.
The currency reduced losses on Monday morning to trading at around 5.8 cents each as of 7:18 am, down 6.5% from the previous day, with a market value of around $ 7, 5 billion.
Musk’s latest thoughts on Twitter about Dogecoin – named after an internet meme featuring a Shiba Inu dog – suggested that he sincerely invested in the coin, despite his frequent jokes about it.
When another Twitter postulated by the user that Musk’s effort to force big holders to sell was a sign that he “legitimately sees Dogecoin’s potential as the primary currency of the Internet”, Musk replied, “Certainly”.
Still, the currency fell from its all-time peak on February 7, when celebrities like Snoop Dogg and Gene Simmons joined Musk to publicize it.
Musk also said last week that he bought a Dogecoin for his young son, X Æ A-Xii, two days after Tesla revealed that it had invested $ 1.5 billion of its corporate money in Bitcoin.