Tech billionaire Elon Musk says he will fully get behind Dogecoin (DOGE) if whales holding large amounts of the meme-based cryptocurrency are willing to accept one condition.
The Tesla founder and Bitcoin supporter tells his 47 million Twitter followers that the supply of DOGE is in the hands of the few which makes it very difficult for him to back the controversial crypto asset.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue in my opinion.”
Musk doubles down on his tweet and says that he’s ready to put his money where his mouth is.
“I will literally pay actual $ if they just void their accounts.”
Around 50% of DOGE’s supply is held by the top 20 addresses with one wallet holding 27% of all Dogecoin.
According to Binance CEO Changpeng Zhao, the concentration of DOGE’s supply in such a small number of holders makes the crypto asset centralized.
Musk previously sent shockwaves into the Dogecoin market in December when he tweeted: “One word: Doge.” He once joked about the fringe cryptocurrency overtaking the entire global financial system by storm.
The vocal crypto advocate’s tweets came just before Tesla’s $1.5 billion investment into Bitcoin and its plans to accept BTC for its fleet of electric vehicles.
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