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”.

The Dogecoin rally began when a Reddit sub catapulted the meme-based cryptocurrency after being inspired by the GameStop rally.

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

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.

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.


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