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Elon Musk against Dogecoin whales
Elon Musk against Dogecoin whales
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Elon Musk against Dogecoin whales

By Amelia Tomasicchio - 15 Feb 2021

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A few hours ago, the CEO of Tesla Elon Musk tweeted once again to talk about Dogecoin, but this time not in a particularly positive way for the DOGE cryptocurrency. Or maybe yes.

In his tweet, Elon says that he supports large holders wanting to exit the investment in this crypto because having large whales is not good for the industry.

At first reading, it might seem that Elon is suggesting selling Dogecoin, but that’s not the point.

Reading the tweet carefully, it’s actually clear that Elon doesn’t want everyone to sell Dogecoin as a way to get out of the investment itself.

On the contrary, the CEO of Tesla seems to hope that the big Dogecoin whales will sell some of their crypto in order not to have large concentrations of DOGE in their portfolios. 

If this does not happen, it would mean that cryptocurrency is not very decentralized and that the actions of the whales are able to change the market at will.

It seems therefore that Elon is still supporting Dogecoin and not just calling for liquidation of the investment but for a less concentrated market in the hands of a few.

A comment on the post explains Musk’s intentions better:

And in fact, below the comment it is possible to read Musk’s “Yup” reply, confirming that it is the whales that are the real problem and not having invested in DOGE.

Did Elon Musk buy Dogecoin?

The CEO of Tesla has been tweeting in support of this cryptocurrency for months now, although it seems he doesn’t really have any in his portfolio. To tell the truth, he allegedly bought an unspecified amount for his youngest child

Instead, it is certain that Tesla bought $1.5 billion worth of bitcoin at the beginning of the year.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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