Elon Musk wants the Dogecoin moguls to share their wealth.
Billionaire CEO Tesla has urged Dogecoin’s largest owners to sell most of their stakes, expressing concern about a small number of people accumulating too much of the cryptocurrency.
“If major Dogecoin holders sell most of their coins, they will receive my full support” Musk said on Twitter Sunday evening. “Too much concentration is the only real problem [in my opinion]. ”
“I will literally pay actual dollars if he cancels his accounts,” he added at the beginning of fasting on Monday morning.
Musk’s first tweet came to trigger another wild move in the price of Dogecoin, a meme-inspired digital currency that started as a joke.
The price initially rose within minutes of Musk’s tweet, but dropped to 4.8 cents late Sunday, a drop of about 45 percent from the all-time high of 8.7 cents it hit last week. CoinDesk data.
The currency reduced Monday morning trading losses to about 5.8 cents since 7:18 a.m., down 6.5% from a day earlier, with a market value of about 7.5 billion dollars.
Musk’s latest Twitter meditations on Dogecoin – named after an internet meme featuring a Shiba Inu dog – have suggested that he is sincerely invested in the currency, despite his frequent jokes about it.
When another Twitter posted by the user that Musk’s effort to push the big holders to sell was a sign that he “legitimately sees the potential of Dogecoin as the main currency of the Internet,” Musk replied “Absolutely.”
However, the currency dropped from the all-time high it hit on February 7, while celebrities such as Snoop Dogg and Gene Simmons joined Musk to support him.
Musk also claimed last week that he bought some Dogecoins for his son, XX A-Xii, two days after Tesla revealed that it had invested $ 1.5 billion in its corporate cash in Bitcoin.