Elon Musk urges major Dogecoin holders to sell a portion of their coins

Tesla and SpaceX founder Elon Musk said he would fully support major holders of the cryptocurrency Dogecoin if they sold a large portion of their coins.

If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

— Elon Musk (@elonmusk) February 14, 2021

“Too much concentration of coins is the only real problem,” Musk wrote.

Users said whales should heed the Tesla chief’s ‘ultimatum’, as this would give Dogecoin a chance to become the native currency of the Internet.

Whales will have to consider Elon’s ultimatum here.

If they comply, #Dogecoin becomes the currency of the internet.

If they don’t, or ‘cheat’ by distributing their coins across multiple wallets, then it loses Elon’s endorsement.

Easy decision for the whales. Do the right thing

— 💸💸💸 (@itsALLrisky) February 15, 2021

Musk agreed with this.

Yup

— Elon Musk (@elonmusk) February 15, 2021

Update: Musk said he is willing to pay major Dogecoin holders if they \”void their accounts\”.

I will literally pay actual $ if they just void their accounts

— Elon Musk (@elonmusk) February 15, 2021

Community representatives proposed alternative options, including a hard fork. One user said that the head of Tesla should issue his own cryptocurrency.

Develop a new #ElonCoin, offer them to the existing non-major #dogecoin holders to void their wallet. You wouldn’t need to pay $ to make those majors dogecoin holders richer than they already are and allocate your time and support to make the ElonCoin the currency of the Earth.

— Mansour Shahrokh (@MansourShahrokh) February 15, 2021

In the past hour, Dogecoin’s price has fallen by 5.22%. At the time of writing the coin was trading around $0.059, according to CoinGecko.

In early February, the cryptocurrency rose by almost 50% in less than an hour after a series of Elon Musk’s tweets. Later he said he had purchased coins for his youngest son.

Earlier, an unidentified crypto whale held at its address 36.8 billion Dogecoin — 28.7% of all available coins.

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