Elon Musk Offers Dogecoin Holders Money For Cancelling Their Accounts
Elon Musk has offered to pay major holders of Dogecoin ‘literal $’ to sell their holdings of the cryptocurrency, saying the wealth needs to be shared around.
In a series of tweets Musk urged major holders to sell up or even cancel their accounts, saying that people hoarding large amounts of the cryptocurrency were preventing its growth.
‘If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,’ he wrote, before adding ‘I will literally pay actual $ if they just void their accounts.’
To most people, the world’s richest man encouraging people to sell up might not necessarily seem like a seal of approval, but apparently, Musk just wants more people to have a chance to get a piece of the Dogecoin pie.
After claiming last week that he had bought some of the virtual currency for his son, Musk confirmed that he’s betting big on the cryptocurrency’s potential, replying to someone who asked him if he ‘legitimately sees Dogecoin’s potential as being the leading currency of the internet,’ by saying ‘Absolutely.’
Dogecoin has come a long way from its initial beginnings as a joke currency based on a meme, and is currently up around 900% this year alone, thanks in no small part to Musk’s very vocal support for the virtual coin.
Musk isn’t the only celebrity to join the Dogecoin hype train, with everyone from Snoop Dogg to Gene Simmons getting on board, but the Tesla CEO’s tweets last night once again caused waves in the cryptocurrency market, with Market Watch reporting that Dogecoin’s value dropped significantly amid the news of a potentially major sell-off.
According to Coin Desk, Dogecoin is currently down 33% on its record high set just over a week ago on February 7, and at one point took a 14% drop following Musk’s tweets, before slightly rebounding to around 0.058 cents. The cryptocurrency’s market value is currently estimated to sit at around $7.5 billion.
While the rise of Dogecoin seems to be more of a personal project for the billionaire, Musk’s enthusiasm for cryptocurrencies is clearly rubbing off, with Tesla last week announcing it had bought $1.5 billion in Bitcoin as part of plans to ‘diversify’ its investments. During an appearance on Clubhouse last month Musk said he was ‘late to the party’ when it came to cryptocurrencies, but it certainly seems like he’s making up for lost time.
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