Musk Wants to Buy Dogecoin out of the Hands of Hodlers

The richest man in the world, Elon Musk, has said that he is more than willing to buy out the major holders of Dogecoin in order to make the crypto asset the “currency of the internet.” He made this declaration in a tweet where he also went on to add that “I will literally pay actual $ if they just void their accounts.”

According to Musk, the “crypto whales” hodling the Dogecoin are the main obstacle obstructing the fringe digital coin gaining massive adoption and acceptance by the general public. He went on to mention that “Too much concentration is the only real issue imo.” The billionaire had also previously hinted that the virtual asset could be the official currency on Mars.

Available data have shown that only one holder of the asset currently holds over a quarter of all of the asset tokens in circulation. This means that this single crypto whale has over 35 million Dogecoins which translates to well over $2 billion. 19 other wallets also hold around 25 percent of all the assets in circulation, which theoretically means that 20 wallets hold at least half of the asset in circulation.

One advocate of Dogecoin advised these holders to take the advice of the Tesla’s CEO saying that “Whales will have to consider Elon’s ultimatum here. If they comply, Dogecoin becomes the currency of the internet. (However) 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.”

Dogecoin made the crypto headlines in recent times when it saw a surge in its value from less than $0.01 to as high as $0.08 which also, at one time, propelled it into the top 10 category of crypto assets by market cap. Since then, the value of the asset has dropped and it has also fallen out of the top 10 ranking but Musk’s tweet and advertisement for the coin has constantly kept it in the news.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts