- Musk noted that he will support major Dogecoin holders who sell most of their coins.
- Last week, Dogecoinís co-founder Billy Markus told Bloomberg this week that he was "baffled" by the coinís continued success, more than seven years after launch.
- Musk has caused the prices of dogecoin to soar after the meme-based cryptocurrency has found a place in his tweets.
Tesla CEO Elon Musk in a tweet on Sunday said that he supports major Dogecoin holders selling their coins. "If major Dogecoin holders sell most of their coins, it will get my full support," the Tesla CEO tweeted on Sunday. "Too much concentration is the only real issue." Since the time Musk tweeted this out, Dogecoin has fallen 14 per cent according to data from CoinMarketCap.The meme-based cryptocurrency is now the 13th-largest cryptocurrency with a market cap of around $7.2 billion, according to Bloomberg. Last week, Dogecoin rose to an all-time high of 8.4 cents from about 1 cent at the beginning of the year.
Last week, Dogecoin's co-founder Billy Markus told Bloomberg this week that he was "baffled" by the coin's continued success, more than seven years after launch. Unlike Bitcoin, there is no limit to the amount of Dogecoin that can be created in the so-called mining of the coin. According to Coindesk, Dogecoin runs on a public, decentralized blockchain that no one controls, and the creators have no control over it.
"I'm no longer part of the Dogecoin project, I left around 2015 as the community started to strongly shift from one that I was comfortable with," Markus wrote in an open letter. "I don't currently own any Dogecoin except what has been tipped to me recently, I gave away and/or sold all the crypto I had back in 2015 after being laid off and scared about my dwindling savings at the time, for about enough in total to buy a used Honda Civic," Markus wrote on the subreddit forum.
The subreddit r/SatoshiStreetBets that refers to itself as the "Crypto version of WallStreetBets," -- the group on Reddit that caused Gamestop, the struggling electronic retailer to soar by nearly 2,000 per cent in late January asked Redditors on threads to not sell their Dogecoins till it reaches the moon and its value reaches a dollar.
Musk has also caused the value of Dogecoin to soar after the cryptocurrency has found a place in his tweets. Until now, Doge was a lesser-known meme-based cryptocurrency that shot to instant fame when Musk called it the "people's crypto." Musk bought his son Xi Dogecoin and called him a toddler hodler, which is reportedly a term in the crypto community that refers to a person who holds rather than sells. "Bought some dogecoin for lil X, so he can be a toddler hodler," Musk said on Twitter. Doge's value as of Monday is $0.060429 which is a little over Rs 4. Musk is also a supporter of bitcoin. His company Tesla has invested $1.5 billion in the most popular cryptocurrency.