Elon Musk, who has been a big supporter of Dogecoin, said there is too much concentration of coins among his key holders and he will support them if they sell their coins.
“If large Dogecoin holders sell most of their coins, it will get my full support,” the Tesla Inc., co-founder and CEO, tweeted Sunday night. “Too much concentration is the only real problem (in my opinion).”
According to Dogecoin, it has fallen by 7.7% to 6.1 cents in the last 24 hours data from CoinMarketCap. The Shiba Inu-themed digital coin is among the obsessions of retail investors this year, rising to a high of 8.4 cents of all time last Monday, from around 1 cent at the beginning of the year.
A brief history of Elon Musk’s recent market-moving tweets
Dogecoin is now the 12th largest cryptocurrency with a market capitalization of $ 8 billion.
Musk, the richest person in the world, contributed in part to the growing popularity of Dogecoin with his regular tweets about it. Last week he said he bought some of the coins for his son lil X, so that ‘he can be a toddler’, a term in the crypto community that refers to a person who likes rather than sells.