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Elon Musk's Ultimatum to Dogecoin Whales | Dogecoin News
Elon Musk, as one of the biggest supporters of Dogecoin, surprised Dogecoin investors a few hours ago when, with his tweet, he effectively lowered the price of that coin.
The price of Dogecoin was between 7 and 8 cents a few days ago, and at the time of recording this video, the price was around 5 cents.
He posted a tweet in which he says:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
It is not clear what support they will receive from him. Will Elon Musk buy Dogecoin from them or what? Given that a really large amount of Dogecoin is in the hands of a small number of people, decentralization in this case is questionable.
Only one wallet, the owner of which is unknown, contains Dogecoin worth almost 2 billion dollars.
If Elon buys all those coins, then the centralization will be undoubted, since everything will be in his hands.
Maybe his idea is to somehow destroy those coins after he buys them.
But when asked by one of the Dogecoin investors, how will this mass sale help dogecoin reach $ 0.1, Elon replied:
“Temporarily lower, long-term raise.”
This answer of his indicates that Elon still thinks that big holders should sell their coins on the open market, which will certainly lower the price due to the oversupply.
It is also not clear what incentives someone would have to sell for little money when they can sell for more.
However, that this Elon's offer hides something that cannot be read publicly, is shown by the comment of one investor who says:
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
Elon's answer is: Yup
And the key word is “ultimatum”.
...
https://www.youtube.com/watch?v=PYH8IQAlyZs
The price of Dogecoin was between 7 and 8 cents a few days ago, and at the time of recording this video, the price was around 5 cents.
He posted a tweet in which he says:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
It is not clear what support they will receive from him. Will Elon Musk buy Dogecoin from them or what? Given that a really large amount of Dogecoin is in the hands of a small number of people, decentralization in this case is questionable.
Only one wallet, the owner of which is unknown, contains Dogecoin worth almost 2 billion dollars.
If Elon buys all those coins, then the centralization will be undoubted, since everything will be in his hands.
Maybe his idea is to somehow destroy those coins after he buys them.
But when asked by one of the Dogecoin investors, how will this mass sale help dogecoin reach $ 0.1, Elon replied:
“Temporarily lower, long-term raise.”
This answer of his indicates that Elon still thinks that big holders should sell their coins on the open market, which will certainly lower the price due to the oversupply.
It is also not clear what incentives someone would have to sell for little money when they can sell for more.
However, that this Elon's offer hides something that cannot be read publicly, is shown by the comment of one investor who says:
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
Elon's answer is: Yup
And the key word is “ultimatum”.
...
https://www.youtube.com/watch?v=PYH8IQAlyZs
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First, all this narrative, Bitcoin versus Dogecoin that you can hear around ... I'm not saying I don't agree with that, but yes, I disagree with that. Those two coins are designed to do different things, so making a competition between them would be the same as organizing a match between a basketball team and a tennis player.
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