“Elon Musk” invites major holders of the digital currency “Dogecoin” to sell it!
Tesla CEO Elon Musk said today that he supports major Dogecoin owners who sell an outsized portion of their coin stock.
He added that he can pay whoever does it.
Whether or not this is often a joke, the matter of “Dogecoin” fortune concentration is real.
Reports indicate that one entity owns quite 27% of the coin’s total market price .
The current total market price of “Dogecoin” is estimated to be over $ 7 billion at the time of scripting this article.
This means that this entity owns quite 1.8 billion dollars of the digital currency “Dogecoin”.
In addition, about twenty Dogecoin titles account for quite 50% of the coin’s current circulating supply (more than $ 3.5 billion).
While it’s likely that these are trading platforms that hold “Dogecoin” as a reserve in their cold portfolios, they need not been recognized by any trading platform yet.
“Mask” invited the main holders of the digital currency “Dogecoin” to sell their holdings in an effort to form the currency more decentralized, and faraway from the control of the large whales.
According to the user “Yup” on Twitter, what “Mask” is doing is to form the digital currency “Dogecoin” more decentralized, and within the event that the whales sell what they carry of the currency, the currency will become more decentralized, then the currency may lose the support of “Mask”, which was agreed by “Mask” As a comment to the present tweet.
The centralization of the “Dogecoin” digital currency may be a problem with long-term “DOGE” fundamentals.
Shrinking supply means prices are often artificially and disproportionately raised in favor of a couple of large portfolios.
And when such large wallets finally prefer to sell, the worth of DOGE will inevitably collapse.
Therefore, whenever things were more decentralized, the increase and fall within the price of the currency was natural, faraway from the synthetic pumping and emptying.
The digital currency “Dogecoin” was founded in 2013 as a cryptocurrency within the sort of a joke, but it recently became a digital currency that draws the world’s attention after the continual tweeting about it by Mask and variety of Internet celebrities.
Will the large bearers of the coin answer “Elon Musk” and sell what they need in their possession, in order that the currency becomes the currency of the people, as Musk promises?