Elon Musk to Support Dogecoin (DOGE) Cryptocurrency Holders Selling Coins – Bloomberg

Elon Musk to Support Dogecoin (DOGE) Cryptocurrency Holders Selling Coins – Bloomberg

Elon Musk, who’s been a vocal supporter of Dogecoin, said there’s too much concentration of the coins among its major holders and he will support them if they sell their coins.
“If major Dogecoin holders sell most of their coins, it will get my full support,” the Tesla Inc. co-founder and chief executive tweeted Sunday evening. “Too much concentration is the only real issue.” 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
In a follow-up tweet, Musk restated his support for the “meme” cryptocurrency:
Dogecoin has fallen 14% in the past 24 hours to 5.6 cents, according to data from CoinMarketCap. The Shiba Inu-themed digital coin has been among the obsessions of retail investors this year, rising to an all-time high of 8.4 cents last Monday from about 1 cent at the beginning of the year.
A Brief History of Elon Musk’s Recent Market-Moving Tweets
Dogecoin is now the 13th-largest cryptocurrency with a market cap of around $7.2 billion.
Musk, the richest person in the world, partly contributed to the Dogecoin’s rising popularity with his frequent tweets about it. Last week, he said he bought some for his son so that “he can be a toddler hodler,” a term in the crypto community that refers to a person who holds rather than selling.
— With assistance by Sid Verma ( Updates with Musk’s follow-up tweet, and refreshes prices ) Published on February 14, 2021, 7:36 PM EST Updated on

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