Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’

Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’
A Dogecoin meme shared by Elon Musk.Elon Musk / Twitter
  • Musk said Dogecoin will have his full support once this happens.
  • Since his tweet, Dogecoin has fallen by over 9% after an initial surge of 9%.
  • Musk has backed cryptocurrencies in the past as well, lending his support to Bitcoin.
  • His company Tesla has already invested $1.5 billion in Bitcoin, and it said it will start accepting payments in the cryptocurrency.
Tesla CEO Elon Musk, who has been a vocal supporter of meme-based cryptocurrency Dogecoin has said that he will fully support it if major Dogecoin holders sell “most of their coins”, in a tweet on February 15.

While asking major Dogecoin holders to sell most of their coins, Musk said that too much concentration is the “only real issue”.

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The Dogecoin rally began when a Reddit sub catapulted the meme-based cryptocurrency after being inspired by the GameStop rally.
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Minutes after Musk’s tweet, Dogecoin rose sharply by 9%. However, it was down by over 9% as of 10:45 am on February 15.

Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’
Dogecoin's performance in the last one monthYahoo Finance / Business Insider India / Flourish

Not the first time Musk has supported cryptocurrencies



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This is not the first time that Elon Musk has thrown his weight behind cryptocurrencies. He has supported Bitcoin in the past as well, and his company Tesla has invested $1.5 billion in Bitcoin. Moreover, Tesla has also announced that it will start accepting payments in the cryptocurrency, giving a major push to crypto payments.

Earlier this month, Musk had asked his followers to choose from “dogecoin to the moon” and “all other cryptos combined”. Over 71% of the 2.4 million votes supported Dogecoin, sending the coin’s price up by 35%.

Musk recently also posted that he had bought some Dogecoin for his 9-month-old son.

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Tesla recently revealed that it had bought $1.5 billion worth of Bitcoin and that the company is planning on soon accepting the cryptocurrency as a form of payment. Soon after this, Bitcoin had crossed its all-time high of $48,000.

SEE ALSO:

Elon Musk says in a tweet that he bought dogecoin for his son, sparking a 16% surge in the 'meme' token

The history of Dogecoin, the cryptocurrency that surged after Elon Musk tweeted about it but started as a joke on Reddit years ago

Bitcoin rockets to record high of $48,000 after Elon Musk's Tesla buys up $1.5 billion - with one backer saying the currency could hit $100,000 in 2021
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