- Musk said
Dogecoinwill have his full support once this happens.
- Since his tweet, Dogecoin has fallen by over 9% after an initial surge of 9%.
- Musk has backed
cryptocurrenciesin the past as well, lending his support to Bitcoin.
- His company Tesla has already invested $1.5 billion in Bitcoin, and it said it will start accepting payments in the cryptocurrency.
Elon Musk, who has been a vocal supporter of meme-based cryptocurrency Dogecoin has said that he will fully support it if major Dogecoin holders sell “most of their coins”, in a tweet on February 15.
While asking major Dogecoin holders to sell most of their coins, Musk said that too much concentration is the “only real issue”.
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) 1613345116000
The Dogecoin rally began when a Reddit sub
catapulted the meme-based cryptocurrency after being inspired by the
Minutes after Musk’s tweet, Dogecoin rose sharply by 9%. However, it was down by over 9% as of 10:45 am on February 15.
Not the first time Musk has supported cryptocurrencies
This is not the first time that
invested $1.5 billion in Bitcoin. Moreover, Tesla has also announced that it will start accepting payments in the cryptocurrency, giving a major push to crypto payments.
Earlier this month, Musk had asked his followers to choose from “dogecoin to the moon” and “all other cryptos combined”. Over 71% of the 2.4 million votes supported Dogecoin, sending the coin’s price up by 35%.
Musk recently also
posted that he had bought some Dogecoin for his 9-month-old son.
revealed that it had bought $1.5 billion worth of Bitcoin and that the company is planning on soon accepting the cryptocurrency as a form of payment. Soon after this, Bitcoin had crossed its all-time high of $48,000.