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.
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
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:
Whales will have to consider Elon's ultimatum here.
If they comply, #Dogecoin becomes the currency of the internet.
If they don't, or "cheat" by distributing their coins across multiple wallets, then it loses Elon's endorsement.
Easy decision for the whales. Do the right thing
— 💸💸💸 (@itsALLrisky) February 15, 2021
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.